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Article: Germany Moves Beyond 'Synthetic' Deals.
- Article from:
- National Mortgage News
- Article date:
- June 16, 2003
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The 80% government-owned Kreditanstalt fur Wiederaufbau here has reported that it has concluded its first securitization operation under its Provide platform this year in conjunction with BHW Bausparkasse AG.
ABN Amro was the arranger and lead manager of the approximately 1.8 billion euro (about $1.2 billion) transaction, according to KfW. ABN Amro placed the credit linked notes in the deal with investors together with HSBC, KfW reported.
The transaction, Provide Blue 2003-1, securitizes credit risk from 46,575 housing loans.
So far, "true sale" transactions such as are used in the United States have not been available in Germany due to what has ...