Germany's True Sale International (TSI) venture kicked off 2006 securitizing a batch of corporate loans, adding to the consumer loan deals completed in that asset class last year.

Since its inception in 2004, TSI has already seen two consumer loan deals via the two driver transactions from Volkswagen. The new 3 billion ($3.6 billion) deal is the first time this true-sale platform will be used to securitize corporate loans. Dresdner Bank, a shareholder and founding member of TSI, will sell loans from its domestic SME lending business to the German SPV, RCL Securitization.

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