Alliance & Leicester, the U.K. financial services group that provides mortgages, banking and insurance products, recently announced that is considering a move into the securitization market as an alternative way of raising finance. The company has awarded Morgan Stanley Dean Witter the mandate to advise it on any potential issue.
A company spokesman confirmed its intentions, but said that they are still in the preliminary stage of talks, and no deal is imminent. "We are looking at a possible securitization, but have not yet confirmed on what sort of scale it will be, or when we are doing it," the official said. "It is something we want to test, but it is not with any specific purpose in mind. Initially, anything we do decide to test in this area is likely to be pretty small scale."