Secondary market maker United Capital Markets quietly closed its first new issue offering, a $233 million repackaging of structured finance product. Details beyond that were unavailable, except that about $20 million of the apparently non-rated deal is invested.

Wachovia Bank is trustee on the privately placed transaction, called UCMAB 2003-A. According to data available on Bloomberg, the single-tranche deal pays a coupon of about 2.3%.

UCM indicated several months ago that it may start a new

issue offering program, backed by an assortment of the storied sub bonds the firm is known for. Sources at UCM declined to comment.

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