Looking back at August, two securitizations of $850 million and $1.15 billion--led by Wachovia, and JP Morgan and Merrill Lynch, respectively--produced spread widening, particularly on the triple-A faction of the deals, which produced an increase of five basis points over the prior transaction. Looking ahead, triple-B rated classes are expected to come out ahead, with a possible tightening by a projected 5 to 10 basis points.

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