While the year's work is effectively done for most of Asia's securitization professionals, those involved on the two Chinese pilot programs were working furiously last week to ensure the deals priced before Christmas. Both China Construction Bank, with its RMB3.1 billion ($383 million) RMBS, and China Development Bank's RMB4.2 billion infrastructure CLO were set for simultaneous launches on China's interbank securities market as of press time.

Standard Chartered arranged China Construction's transaction - called Jianyuan 2005-1 - while Lehman Brothers structured China Development's offering, called CDB 2005-1 CLO. With neither firm having local dealership licenses, domestic securities houses will handle placement.

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