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Repackaging of all kinds of credits

Issuer: Snap

Amount: $1 billion

Arranger: ING Barings

Launched: August 24 1994
Issuer: Ribs

Amount: $5 billion

Launched: March 27 1997

Arranger: Deutsche Morgan Grenfell

Back from a few days wandering the medina in Marrakech, you are inspired to take a punt on Moroccan securities. Scouring the Euromarkets, you can't find a product that fits your investment criteria, and you haven't got the first idea how to access Morocco's domestic market. What option do you have, apart from placing a bulk order for Moroccan carpets?

An increasingly attractive solution for investors is buying an MTN issue from a programme set up to repackage securities. Since the start of 1996, 37 such programmes have been launched and more than $20 billion worth of paper issued, mostly by special purpose vehicles arranged and managed by investment banks.

Two banks making strides in this market are ING Barings and Deutsche Morgan Grenfell. Guy Thomas, assistant director at ING Barings, sums up the market's appeal: "We give investors what they want, in a form they are comfortable with."

ING was one of the trailblazers in this market, launching a $1 billion programme for its Snap vehicle in June 1994 - the name is an acronym for structured note asset packaging.

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