The usual well-informed sources - bankers, issuers, investors, rating agencies and even lawyers - have come to an unusual consensus: Canada in the year 2000 will experience material growth in both domestic and cross-border securitization. While term issuance fell slightly in 1999 to about $5.5 billion ($8 billion in 1998), asset-backed commercial paper ended the year at a record $53 billion (up from $41 billion the previous year). Prospects for 2000 are heightened because of a number of long-awaited structural changes to the Canadian securitization market, and because this market has begun hitting the radar screens of more U.S. and European investment banks and conduits. The following will summarize the basic infrastructure of Canadian securitization, and in particular highlight how it differs from its U.S. counterpart.

Assets Securitized

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