CIBC World Markets has developed a capital-efficient way of supplying credit enhancement to its Australian securitization activities through the issue of the first in what is expected to be a A$20 million series of mortgage-linked loan certificates.

The deal - through a special purpose vehicle, CNL Corp. Pty Ltd. - effectively syndicates the credit enhancement that the investment bank would normally provide to its multiseller conduit, Asset Backed Securitization Corp. Ltd.

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