SOUTH BEACH, Fla. - Canadian fast food chain A&W Restaurants is hoping to raise C$160 million with a unique hybrid securitization of the chain's franchise licensing fees, to be placed as retirement-fund bonds called income fund securities.

Experts on the intellectual property panel discussion at Strategic Research Institute's ABS Industry Summit pointed to this transaction as one of the latest developments in the Canadian markets: offering the upside of equity with the bankruptcy-remoteness of securitization.

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