Innovation has become a staple for the Italian securitization market, almost de rigueur. This is not due to some exploited loophole, but rather a result of pro-securitization legislative regime, which might explain why Italy is rapidly taking the market lead. According to Commerzbank, the latest Italian innovation - the country's first whole business deal - raised over the equivalent of $2.5 billion.

At first glance, the Romulus Finance whole business securitization of Aeroporti di Roma (ADR) may look similar to whole business transactions that have grown out of the seasoned U.K. -regulated sector - and that's precisely the allure. "The greatest accomplishment of the ADR transaction is that it showed that a technique that the industry recognized in the U.K. could be applied to Italy," said David Bickerton at Clifford Chance, the legal advisor on the deal.

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