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The underwriter is the entity that assumes responsibility for structuring the asset-backed security (for example, designing the composition of tranches, and the size and type of credit and liquidity enhancements) based on the characteristics of the collateral and existing market conditions.
Furthermore, because securitization also involves cash-flow partitioning and credit enhancement, the asset-backed security is more than a basket of bank loans.
Being the first asset-backed security (ABS) in the 2013 market, the successful issuance paves the way for securitization of credit assets in the next phase.