Italy's securitization market shows no signs of slowing down in 2000, after an action packed 1999. And once again, deals backed by non-performing loans and delinquent assets are expected to dominate the market.

First in the queue will be J.P. Morgan, which recently bought E1.55 billion ($1.6 billion) worth of mostly property-related non-performing loans from Banca Nazionale del Lavoro (BNL) on a non-recourse basis.

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