Italian regional governments continue to explore the securitization potential of their debt portfolios and currently, the most securitizable asset is healthcare debt. The latest issue comes from the region of Abruzzo, which earlier this month launched a 337 million ($434 million) securitization, Cartesio Srl Series 2005-1, backed by healthcare receivables via Dexia Capital Markets and Merrill Lynch.

The transaction was originated by FIRA S.p.A, which acquired the receivables from a pool of regional healthcare goods and services providers and transferred the claims to Cartesio at the end of last year. The purchase price was paid to the providers via a bridge loan facility that will be reimbursed with the proceeds of the issuance.

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