Italian mortgage lender Cariplo, a wholly owned subsidiary of Banca Intesa, last week launched what has been described as the first true prime mortgage-backed deal to come out of Italy. Called Intesa Sec., the E513.1 million ($464 million) transaction securitizes a pool of over 20,000 residential mortgages originated by Cariplo in Italy.

Credit Agricole Indosuez and Caboto Holdings acted as co-arrangers on the deal, with Morgan Stanley Dean Witter brought in as joint lead manager alongside Credit Agricole.

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