Arby's deal insures franchise fee income.(Brief Article)(Statistical Data Included)

NEW YORK-A recently completed securitization deal by Triarc Cos. Inc. represents the flip side of insurance risk securitizations done in recent years, with capital market risk being transferred into the insurance markets. The deal involved securitizing intellectual property, in the form of franchise royalties and fees from current and future owners of Arby's fast-food restaurants in the United States and Canada. The Arby's chain is owned by New York-based Triarc. The $290 million note sale utilized a special-purpose vehicle structure, with the notes sold in a private placement through a Delaware-based business trust, Arby's Franchise Trust. Key to the deal was an insurance and reinsurance platform involving a financial guarantee insurance policy from Ambac Assurance …