After many months of delay, China's first asset-backed originator could soon hit the market with its second securitization, according to sources close to the deal. China Ocean Shipping (Group) Company (COSCO), the country's largest shipping firm, is preparing to launch a transaction backed by shipping receivables from European customers.

The deal looks set to be funded into a U.S. commercial paper conduit, after being revived thanks to a wrap from triple-A rated monoline MBIA-AMBAC International. The total size is still unclear, but the original mandate, which was awarded to Chase Manhattan in November 1997, called for a $500 million issue.

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