South Africa's FirstRand Bank recently brought to market the country's first international securitization. Called FirstRand 2000-A Receivables Trust, the $250 million deal is backed by future Visa, MasterCard and Cirrus vouchers generated by foreign visitors to South Africa in establishments that use FirstRand to service card receipts.

Credit Suisse First Boston's European team acted as lead manager on the transaction and also acted in an advisory capacity alongside the South African investment bank, Rand Merchant Bank.

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