Natixis began marketing the €61 million ($94 million) car insurance-linked securitization deal for European insurer Axa.


The deal, which was named SPARC Europe (Junior) Compartment 2008, is the third transaction from the SPARC series and will involve the transfer of risk associated with more than seven million Axa insurance policies.


The issue comprises one double-B rated one-year tranche of notes backed by insurance contracts geographically concentrated in Germany (37.1%), Spain (30.4%), Italy (17.3%) and Belgium (15.2%).


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