Although monoline wraps have quickly become a customary feature on many Italian health-care receivable ABS, the latest offering under the region of Lazio's Atlantide S.r.l. series of deals gets its support from newcomer XL Capital Assurance (U.K.).

"This is a very important deal; it's the first transaction that we've done in Italy," said Frederick B. Hnat, senior managing director and chief operating officer of XLCA-U.K. Hnat said that the decision to enter the Italian market via this particular deal was largely driven by current market spreads. In the more traditional asset classes like consumer receivables, which XLCA-U.K. plans to eventually participate in, spreads are too tight for monolines to make their case. "In the Italian regional health-care sector, significant debt service savings can be realized by our participation; we have an opportunity to add value," Hnat said.

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