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Sep 30, 1997

The Securitizers

Investors are lapping up everything from tequila to hurricanes to ageing pop stars

A new asset class has pushed its way into institutional portfolios. Companies worldwide are finding that securitizations, once exotic, are a key instrument in their financing arsenal. As sophisticated investors grow comfortable with the concept, and rating agencies get more adept at rating them, the assets and cash flows used to back issues are becoming curiouser and curiouser. Cash flows converted into securities include railway rolling stock lease payments, earnings from exports such as

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