In Brief: Advanta Brings $500 MOf Loans to Market

Advanta Mortgage Conduit Services Inc. priced a $500 million floating-rate mortgage loan securitization last week.

The loan trust consists of adjustable-rate mortgage loans and is structured as a pass-through wrapped by MBIA Insurance Corp., the company said. The pass-through yield on the floating-rate certificates will be 23 basis points over one-month Libor, the company said.

The company, a subsidiary of Advanta Corp., said the transaction is expected to close Sept. 23. Salomon Smith Barney is the lead underwriter.

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