Advanta Prices HELOC Deal, Ups Earnings Estimate

Advanta Mortgage Conduit Services, Spring House, Pa., has priced an $80 million deal backed by adjustable-rate revolving home equity lines of credit.As a result of the securitization, and another involving auto loans, Advanta said it expects to report net income for the second quarter of approximately $9.5 million, which is higher than earlier estimates. (The estimated net income figure is after charges Advanta expects to take to reflect higher prepayment rates, the company said.) Advanta Revolving Home Equity Loan Trust 1998-A will issue notes representing ownership interests in the HELOC securitization. The effective pass-through yield on the trust loans will be 17 basis points over the one-month London Interbank Offered Rate. J.P. Morgan was the sole underwriter of the transaction.