The Portuguese market was awakened by the Chaves Funding 2, a 230 million consumer-loan receivables securitization launched for the Banco Porugues Negocies. The deal is lead-managed by CSFB and Dresdner Kleinwort Wasserstein.

The transaction was divided into a 207.5 million Class A, double-A-rated tranche; a 11.4 million Class B, single-A-rated tranche and a 11.4 million Class C, triple-B-rated tranche.

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