Citigroup Global Markets last week launched its first asset-backed deal collateralized by trade finance receivables from what could be an ongoing program. The bank is self-arranging the $198.9 million transaction, issued out of the Ireland-domiciled ABS Global Finance SPV.

The debut 144A issue from the facility is backed by trade finance loans originated by Citigroup branches in Hong Kong, Singapore and Taiwan. According to sources, if the first deal is a success, the bank is likely to add new assets from additional countries to the program.

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