With the U.K. securitization market plodding along gently and things relatively quiet in most other European markets, much of the current excitement in European securitization is to be found in Italy.

A host of Italian banks are working on deals backed by non-performing loans and mortgages. Furthest advanced is a Lit2.5 trillion ($1.36 billion) deal being pre-marketed by Greenwich NatWest for mortgage and loan bank Italfondiario, but they are far from on their own.

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