In the last 10 years, securitization of short- and medium-term assets has become a common tool of commercial finance.

Just a minor source of finance before 1985, explosive growth in asset securitization began in that year when Salomon Brothers securitized Marine Midland Banks' automobile loans and leases in the first public offering of asset-backed securities. The asset-backed market was responsible for over $75 billion in newly issued securities in 1994 and $45.8 billion in securities in the first half of 1995.

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