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GERMANY IS THE largest credit market in Europe, but the traditional reliance on bank debt is only slowly giving way to other forms of financing, such as asset-backed securities. As part of the sweeping changes to the investment laws and tax code made last year by the Bundestag, many of the constraints on securitization have been removed. In particular, changes to corporate taxation and the way in which value-added tax is charged tore down the biggest obstacles to securitizing consumer credits and the first deal was not long in coming.
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