Greek issuer Aspis Bank launched the first deal to be structured under the country's new securitization law introduced in June. While the E250 million (US$292 million) RMBS transaction is certain to catch the eye of investors looking to diversify, some market analysts wonder how much paper this market can really offer.

Aspis Bank's Byzantium Finance Plc is backed by prime and subsidized residential mortgage loans and offers three tranches rated triple-A, single-A and triple-B. It's expected to close before year-end.

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