But at the end of 1999 Deutsche changed tack. The latest deal in the series was secured on a similar portfolio of corporate loans to the earlier Core deals, but this time Deutsche used a synthetic structure. The deal was branded Cast. “The primary reason we utilized the synthetic structure for Cast was to achieve transfer of the credit risk without the requirement to raise funding against the loans,” explains Tamara Adler, head of securitization at Deutsche Bank in London.
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