The pace of Japanese asset-backed issues increased over the past two weeks, as issuers rushed to secure funding before the country's fiscal year-end in March. But commercial mortgage-backed transactions are rapidly cropping up, in addition to the usual loans and lease-backed deals that until now have been the mainstay of Japanese ABS.

Three commercial mortgage-backed securitizations were being marketed at press time, all of them private placements. As usual, all of the deals were sold to Japanese investors, reflecting the pricing advantage issuers enjoy in the domestic market.

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