The most widely publicized securitization deal in the European asset-backed market's history, a packaging of TV and other revenues for Bernie Ecclestone's Formula One motor racing business, finally saw the chequered flag at the end of May, but whether joint leads Morgan Stanley Dean Witter and Westdeutsche Landesbank (West LB) will be standing on the podium spraying champagne depends on how much is finally placed with investors.

The deal, which was originally to be lead managed solely by Morgan Stanley, has undergone significant revisions since it was first shown to investors last year (ASRI, 10/19/98, p.3 and 11/30/98, p.2), and both banks say it is proving more palatable in its new guisse. The restructuring came at the behest of West LB, which, incidentally, was originally approached by Morgan Stanley as an investor.

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