In the context of a Securitisation, a "master trust" designates an issuing vehicle which will regularly acquire new Assets (such as Trade receivables or credit card Receivables) and issue Asset-Backed Securities. The master trust structure displays several advantages: (i) Amortisation of arrangement and management costs on a wider volume of securities/issues; and (ii) larger volume of issued securities and better Market awareness, therefore normally achieving tighter Spread levels.

(See Chapter 22 Shares of the Vernimmen)

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