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Farm flows feed a new asset class

Issuer: RHG Nord Size: e65 million Arranger: Rabobank International Issue date: September 17 2003

Issuer: RHG Nord
Size: e65 million
Arranger: Rabobank International
Issue date: September 17 2003

European securitization volumes continue to rocket upwards. According to figures compiled by the European Securitization Forum (ESF), new-issue activity totalled e95.1 billion in the first half of 2003, up 56.7% on the same period last year.

But it is established asset classes and traditionally active jurisdictions that are fuelling this growth. European mortgage-backed securities issuance increased by 110%, while non-mortgaged-backed asset-backed securities grew by just 9.7%. And collateralized securitization issuance in the UK accounted for 41.3% of the European total - by far the largest single contributor, with Italy in second place. First-half deals using new asset classes in Europe's underperforming jurisdictions were harder to find.

So it is encouraging that a German originator has come up with one of the year's most innovative deals so far, albeit with the aid of a Dutch bank.

On September 17, RHG Nord (Raiffeisen Hauptgenossenschaft Nord AG), one of Germany's largest agricultural cooperatives, closed the securitization of a e65 million portfolio of agricultural receivables.

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