Spanish banking circles are alive with rumors that what would be the biggest ever securitization an $8 billion deal to compensate Spanish electricity producers for so-called competition transition costs is set to be given the go-ahead.

The deal, which is being worked on by Morgan Stanley Dean Witter & Co., Banco Bilbao Vizcaya and Banco Centro Hispano, has been in limbo since early this year, after the European Union competition commission questioned whether such a deal would count as illegal state aid (ASRI 7/26/1999 p.2).

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