Yes, although without getting too deep in the weeds, in the UK and Europe, asset-backed bonds are often issued using a similar process. The actual bonds are oft

Yes, although without getting too deep in the weeds, in the UK and Europe, asset-backed bonds are often issued using a similar process. The actual bonds are often held by a depositary and the holder just gets a depositary receipt rather than the bond itself. This is done largely for ease of settlement I believe. The point is the mechanism here is reasonably well-established in normal finance.