Brazil's first contract-backed cross-border securitization - and the first Brazilian securitization of existing onshore assets to be rated above the sovereign ceiling - was placed at the end of August.

The privately placed $80 million deal comes from MSF Holding, a Latin American medical equipment finance company, and was structured by Deutsche Bank Alex Brown, which also sold the deal along with Credit Suisse First Boston. It is backed by dollar-denominated leases of medical machinery such as ultrasound devices and scanners and loans to finance similar equipment (ASRI 8/14/2000 p1 and 12/31/1999 p1).

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