Portuguese securitisation developments in the past 12 months
An overview of the market Over the last 12 months the Portuguese securitisation market has experienced a significant period of development, embracing innovation in relation to new asset classes and legal structures, while existing asset classes have matured rapidly. This article will review four of the most interesting transactions that have closed in that period: Galp Finance, AR Finance, Explorer 2004 and LTR 5. It will also consider some of the developments that are likely to be seen in the next year. Before considering the developments in structures and assets that the four transactions mentioned above have brought to the market, some general trends should be noted. These illustrate the growing depth and maturity of the Portuguese securitisation sector. The most welcome feature has been the return to the market of several banks as repeat issuers.
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