Synthetic structures treaded beyond the usual CDO and MBS sectors last week, as the first consumer synthetic transaction was marketed to European investors.

Etoile 2002-1 B.V., originated by Paris-based Banque OBC, a unit of ABN AMRO, is in the market with a EURO200 million synthetic securitization of consumer loans. The deal is structured in two tranches of floating-rate notes rated triple-A at the Class A level and triple-B-plus at the Class B level. Both tranches carry a four-year average life.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.