Perhaps the most notable recent dollar-denominated European deal came from underwriters Citibank and Salomon Smith Barney, which arranged the first global vendor finance securitization outside of the U.S. for French telecoms equipment manufacturer Alcatel.

The transaction was structured using a Citibank-managed, Delaware-based trust called Securitized Vendor Finance 1999-A, which has purchased a portfolio of loans made by Alcatel to finance its customer purchases. At present, the trust can buy up to $500 million worth of such loans, although Alcatel expects this to grow to $1 billion over the next year.

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