All three rating agencies have confirmed that they are deeply involved in the review of several proposed transactions that will securitize receivables generated by the margin loans or "margin debits" made to investors who buy stocks for broker-dealer accounts with borrowed funds - known as "buying on margin."

While this novel type of securitization has shown up sporadically in ABCP conduits, there has never been a margin-loan term deal, sources said, though the first one may be very close to fruition.

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