A key feature driving the European ABS market from both a buy-side and sell-side perspective is diversity. And in looking to entice new clients, as well as keeping the business of existing accounts, bankers are looking for alternatives.

Bank of America Securities (BAS) did just that with today's EURO800 million synthetic securitization of credit-linked asset-backed securities. Only EURO44 million of the static (or unmanaged) CDO, called Helix Capital, was funded, the rest was constructed as a EURO742 million senior credit default swap and a EURO14 million equity piece.

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