It's not unusual to see something new arising from the Italian regions, but just when you think they have done it all, out parades yet another trend-setting deal. This time around, the Italians scored a goal when the football club Parma A.C. S.p.A came to market.

The transaction is unusual on two accounts: it was the first Italian football securitization publicly placed and the first deal under the new Italian securization law 130/99 to carry a performance wrap - a detail that made this particular structure viable for public market distribution.

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