German bank Kreditanstalt fur Weideraufbau (KfW) last week brought to market the first asset-backed securitization deal secured by small and medium-sized business loans originated in Eastern Europe, and it did so in a multi seller format.

Called ROOF CEE 2006-1, the transaction floats €450 million in debt to European investors in a synthetic securitization using credit default swaps. It is another landmark deal for KfW, which has a zero percent risk treatment under Basel, and has lent its government-guaranteed enhancement to innovative securitizations in the past.

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