We recommend a BUY on the triple-A rated, floating-rate securities issued out of Advanta Business Credit Card Master Trust (ABCMT), given that the securities trade 30-35 bp behind comparable benchmark credit card ABS issues. We believe these ABCMT issues should trade 22-25 bp in back of benchmark issues and anticipate that their spreads may tighten. For more aggressive investors, we find exceptional value in the subordinated single-A and triple-B classes.
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