Italy's first public securitization of nonperforming loans and the first transaction to make use of the new Italian securitization law hit the markets recently, the first of what is expected to be a series of transactions from Italian banks looking to take advantage of the new law.

The deal, arranged by Paribas and Finanzaria Internazionale for Banca di Roma and called Trevi Finance, is worth a total of E1.412 billion ($1.44 billion), though only the top two, single-A rated tranches, together worth E775 million, were publicly offered.

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