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In 2003, Grand Cathay partnered with the Taipei branch
of Credit Lyonnais (now known as Credit Agricole Indosuez)
to issue the first public offering of a financial asset
securitization product (i.e. collateralized loan obligation,
CLO) in Taiwan. The total issuance amount was NT$8.8
billion. We have become a leader in the securitization
market, with a market share of 7.2% at the end of 2007.
According to U.S. statistics, securitization products
in terms of scale have overtaken government and corporate
bonds in the fixed income market. Therefore, the 5.1
billion CLO issuance by Grand Cathay and China Development
Investment Bank played a very important role in the
market. We will continue our partnerships with other
financial institutions to offer innovative securitization
products, targeting assets that generate steady cash
flow such as corporate loans, accounts receivable, rental
obligations, bonds, and real estate.
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