"Whether it's the CDO business or the future flows, the volume is there," said Mark Zucker, head of structured finance at MBIA. Zucker added that synthetics CDOs and other risk transfer products (see story p. 1) - in light of the regulatory pressure being put on banks - will continue to be especially lucrative, although not necessarily visible, in the same vein as the ABCP market. The larger one-off transactions continue to be the dominant type on the international side of the business. MBIA has played a part in a number of those deals, including the Eurotunnel, Welsh Water, and the toll-road securitizations in South America. Domestically, MBIA took part in the novel student loan net interest margin (NIMs) deal for The Nelnet Group (see ASR 4/16/01). The Salomon Smith Barney-managed transaction repackaged the residuals from two past securitizations with an aggregate value of $1.9 billion. The firm is also finding value in the aircraft lease securitization sector.