Gulf International Bank successfully joined the growing list of firsts in the European securitization market, pricing its EURO294 million CBO last week. F.A.B. CBO 2002-1 marks the first cashflow arbitrage CBO of European mezzanine and subordinated asset-backed bonds.

The transaction is a repackaging of investments in European mezzanine and subordinated ABS to be managed by the London-based Financial Markets Group of Gulf International and it is sure to fetch the interest of market participants, said Mark Moffat, co-head of European CDOs at the lead managing bank, Bear Stearns.

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