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Note: BayernLB has set up its first asset backed commercial paper conduit since the asset class fell out of favour in the credit crisis of 2007, alongside a thawing of investor sentiment towards asset backed paper.
The vehicle, Corelux, was established in Luxembourg on December 23, and public marketing is expected to kick off later this year.
"It's a nice statement in the market," said a CP dealer in London.
The structure of the deal reflects changing attitudes after the crisis as, like most recent launches, assets in the portfolio are covered for liquidity and credit risk by BayernLB , assets funded have 102.5% transaction-specific...