Between 1999 and 2003 the growth in the Italian market reached unprecedented levels, and it emerged as one of the strongest markets in Europe. But the growth in the market has been largely dominated by state-related asset securitizations, lease receivables, NPLs and consumer and mortgage loans. How much is too much? As investors begin to complain of indigestion, Italian players vouch that Italian securitizations have begun to move into phase two of the game.

One of the areas that the Italian market is exploring is how best to import the master trust structure. No master trust transaction has been completed to date, and the only thing the market has seen that resembles a master trust is a bills receivables deal executed by Telecom Italia in 2001 under the Law 130/1999, through a vehicle called TI Securitization. However, that's all set to change and market sources are expecting the first master trust issuance by the end of 2003, from an Italian bank. Two serious inquiries have been received by law firms Allen & Overy and Clifford Chance.

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