As lackluster volume in the private ABS market has disappointed investors, bank structurers abroad have begun gearing their more esoteric transactions, particularly whole company securitizations, to tap the U.S. bid.

"While the public market, with large liquid deals, has expanded, the private market has experienced a contraction," said Blake Murphy, a director heading up distribution in the New York securitization group of Rothschild Inc. "So accounts that need to look at esoteric assets, and need to be focused on doing more work to capture more spread, have to cast a broader net."

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