The monoline industry does not have much to celebrate these days. But a not-so-little European whole business deal wrapped by MBIA that closed last week could provide a small specter of hope for bond insurers.

"Bringing this deal to a successful conclusion was a little miracle,'" said Patrice Doat, a partner at the law firm Gide Loyrette Nouel, which last week closed the first monoline securitization since the credit crunch started last August. "This was a unique, twelve-month marathon deal combining a great number of parties and novel, complex contractual and tax structuring."

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