After spending nearly two years in the pipeline, the second securitization from China Ocean Shipping (Group) Company (Cosco) has finally been issued.

The $300 million securitization is backed by future receivables generated in 11 different countries from Cosco's shipping operations in Europe and Asia. It was structured to mirror an earlier securitization done for Cosco that was launched in 1997, in which future receivables were sold through a Cayman Islands SPV to a master trust vehicle called Cosco (Cayman) Freight Collection Master Trust, which issued securities backed by the receivables.

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