While it is well known that any good CDO roadshow should include a stop in Tokyo, bankers and issuers are tight-lipped about whom they are meeting with.

Now that Softbank Finance, along with TD Principal Finance, is in the market with a $250 million arb cashflow CDO-of-CDOs, the secret is out: asset manager Arsnova Capital Research is one of the larger players in Japan buying mezzanine CDOs. The three key members of the Arsnova team, Hirofumi Takeuchi, Hirotsugu Fujii and Toru Sakakibara, were involved in building and managing the CDO business for Sumitomo Life.

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