The long-awaited second securitization from China's largest shipping concern, China Ocean Shipping (Group) Company (Cosco), has been thwarted once more.

The shipping receivables-backed transaction was recently revived after MBIA-Ambac International agreed to wrap it, making it possible for the deal to be funded into a U.S. commercial paper conduit (ASRI 6/28/99, p1). But last-minute insurance problems have caused the transaction to be shelved again, said sources in Hong Kong. MBIA and Cosco officials declined to comment.

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