Sweden marked a first in its ABS history last week with a EURO1.6 billion synthetic mortgage-backed securitization, the first to be issued by the country.

Appropriately dubbed FARM Securitization Ltd, originated by ForeningSparbanken Jordbrukskredit, the partially funded synthetic will be issued in four tranches of floating-rate notes with an underlying super senior credit default swap. The tranches are distributed as follows: a EURO64 million class A, triple-A-rated piece; a EURO96 million class B, double-A-rated piece; a EURO24 million class C, single-A- rated tranche; and a EURO28 million triple-B-rated class D tranche. Credit Suisse First Boston is managing the deal.

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