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total financing to Rymco |
Lebanon’s first securitization issuance since 2007 was marketed in October, and another is being prepared. The deal takes advantage of legal provisions passed in 2005 allowing for more true-sale securitizations. The development of securitization in Lebanon had been delayed by the global credit crunch. BSEC, the structured finance arm of Beirut-based Banque Bemo, closed the October $13.14 million revolving automobile-loan securitization for Rasamny Younis Motor Company (Rymco) – the exclusive distributor in Lebanon of Nissan, Infiniti and GMC cars.
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