Web-based loan auction platform DebtX Securities, Inc. is in the process of selling roughly $53 million of boat-loan collateral for an unnamed originator, according to the company. Unlike the more conventional auctions over the DebtX platform, these loans will be offered in a Dutch auction fashion, where interested parties will bid for allocations, with the price pre-set at par, rather than letting the auction set the price.

"Whoever takes the most at par wins the bidding," stated Kingsley Greenland, chief executive officer of DebtX. This is a departure from DebtX's standard auction process, for which the loans go to the highest bidder, be it a premium or discount.

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