The increase in Canadian asset-backed activity has led some market players to look at doing cross-border transactions, though adverse tax consequences has limited the growth in the area, experts say.

"On the one hand, billions of dollars of Canadian receivables are being securitized in off-shore capital markets," said Martin Fingerhut, a partner at Blake, Cassels & Graydon LLP. "In addition, non-resident liquidity and enhancement facilities are beginning to support Canadian securitization transactions."

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