Poland's BRE Bank has just closed what is thought to be the country's first ever asset securitization a 50 million zloty ($13 million) asset-backed commercial paper transaction backed by receivables originated by a pharmaceutical distributor's sales to hospitals.

According to Marcin Tarnicki, from BRE's capital markets department, the transaction, which has tranches ranging from six months to one year, should be privately placed in the local market in the next few days. The deal is strengthened, he added, because under Poland's health sector reforms, hospital debts are guaranteed by the government.

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