December 2003
Will 2004 deliver for securitization?
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Reich: initiative is “vital for improving
conditions for SMEs in Germany and
stopping the credit crunch”
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Will Germany finally start to generate
true-sale securitizations next year, with all that means for the
German economy?
"To be the biggest economy in Europe
and not participating in the fastest-growing asset class is not
logical," says a London-based asset-backed securities specialist.
"Germany has been dominated by synthetic deals, and they are hard
to sell. You need true-sale deals to achieve critical mass, and
it's inevitable they will happen."
But German true-sale deals have been a long time coming. In
July, German development bank KfW and 12 other banks signed a
letter of intent to set up a special purpose vehicle to promote
their True Sale Initiative (TSI). The banks would then pool loan
portfolios and sell them into the capital markets through...
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