"Whole company" securitizations, a concept so new that is still nebulous for many players in the asset-backed securities market, could become the next hot asset class within the next 12 to 18 months.

The concept, which in a nutshell is the practice of a company securitizing all or large pieces of its entire balance sheet as an alternative to traditional methods of financing, is still cloudy enough that market players have varying definitions and names for it. So far only a handful of the deals have been issued, all small-volume deals in the U.K. or Europe.

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