Japanese asset-backed issuance maintained an upbeat pace, as issuers rushed to acquire new funds before the country's fiscal year ends at the end of this month. As before, equipment leases and consumer loans were the mainstays of the previous two weeks' issues, which were all placed in the domestic market.

Daiwa SB Capital Markets kept busy with two issues: the larger was a 12 billion ($111 million), credit card receivables-backed transaction originated by Daiei OMC, a major retailer-affiliated credit card company. The issue by Daiei OMC Asset Management Co. Ltd. comprised nine tranches of bullet securities with yields ranging from 0.15% to 0.67% and a final legal maturity in 2003.

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