The U.S. asset-backed market had an aptly international flavor last week, as the largest-ever multi-currency global mortgage securitization priced. In addition, a wide array of assets were marketed including offerings backed by equipment leases (Marlin Leasing), tax liens, and insurance premiums (see p. 13).

The largest U.K. mortgage lender, HBOS plc, brought a $5 billion securitization of foreign mortgages to the global market. Demand for the offering - which offered investors a choice of dollar-, Euro- and Sterling-denominated classes - saw strong demand, leading to a 25% increase in the deal size from the initial $3.5 billion (USD equivalent).

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