Given the high-level regulatory backing for China's two pilot securitization schemes, the mortgage-backed offering by China Construction Bank and China Development Bank's proposed infrastructure loan CLO (see ASR 3/7/05), most observers assumed one of those deals would be odds on to complete China's first securitization of performing assets.

Yet despite the suggestion of People's Bank of China, published in a recent report on the central bank's website, that Construction Bank is on course to complete its Rmb10 billion ($1.2 billion) MBS in the third quarter, another issuer could pip the bank to the post.

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