The dormant Italian ABS market just barely saw some deal action last month. The slow start in primary issues was jumpstarted by repeat Italian-based issuer Biella Leasing, which launched its EURO199 million ($171 million) deal, Secursel 2, at the very end of the month. Figures in 2001 indicate this is a prospering asset class in the Italian market, with Italian leases accounting for more than 13% or EURO4.2 billion ($3.6 billion) of total Italian ABS volumes.

The deal is offered over two floating-rate tranches above a EURO2.66 million ($2.3 million) unrated equity piece. The class B notes priced one basis point within the Class A, at 33 basis points over the three-month Euribor, due to the wrap provided by the European Investment Fund. In line with the typically diverse asset classes present in lease transaction portfolios, this deal holds 44.2% of real-estate assets; 26.7% of equipment leases; 22.4% of auto leases and 6.6% of truck leases. The transaction keeps in line with the 2001 trend that saw real-estate holdings take a more prominent role in portfolios.

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