Alliance Merchant Bank last week completed Malaysia's biggest securitization of 2004, a M$1 billion (US$263.1 million) primary collateralized loan obligation. Alliance Merchant acted as lead manager, with Nomura Securities brought on board as technical adviser - an identical role to the one it played on the M$1 billion Aegis One CLO completed by Affin Bank in November 2002.

Aside from size, the latest issue - issued through the Kerisma SPV - is identical to its predecessor in that it packages together 25 corporate loans to companies who would otherwise be unable to access the capital markets on favorable terms.

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