Regional ABS bears fruit in Italian region of Friuli.

Asset Securitization Report | June 14, 2004| | Copyright

Clarified accounting guidelines for regions of Italy are starting to spur locally guaranteed securitizations throughout the country. Bankers are pointing to last month's PRIMA deal from the region of Friuli-Venezia Giulia as one of the first to be structured with the on-/off-balance sheet distinctions in mind (see ASR 5/31).

The 51 million (US$61.4 million) transaction, led by Dexia Credipop, is backed by revenues resulting from the sale of 123 real estate properties sold by the region to the issuer. Standard & Poor's allotted the single-tranche offering a AA' rating ...

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