Mellon Bank is readying a $500 million deal backed by insurance premium finance loans, co-managed by Deutsche Banc Alex. Brown and Mellon's inhouse investment bank, Mellon Financial Markets, according to an S-1 filing with the Securities & Exchange Commission.

Assuming no one beats Mellon to market, this deal will be the third insurance premium loan securitization shown to investors this year, following last week's $400 million deal from Premium Financial Services.

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