Asset-backed bonds - New frontiers in securitization

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The techniques of securitization, developed for shifting loans off your balance sheet or refinancing consumer lending, are being applied to a growing variety of tasks. The experts are marketing their box of tricks to anyone with a predictable cashflow. The US asset-backed market is large and diverse, but mostly commoditized. Some of the more inventive applications in 2000 may be seen in Europe. Marcus Walker reports