The Japanese securitization market took a further step forward in mid-April with a 11 billion ($103 million) privately placed residential mortgage securitization, arranged by Greenwich NatWest for Life Housing Loan, a specialized mortgage-lender owned by Long Term Credit Bank of Japan and a consumer credit company called Life.

The deal is called LHL Trust 2000-1 and received an AAA rating from Standard & Poor's. It is Japan's first non-conforming mortgage deal as, according to S&P, LHL lends primarily to borrowers who do not meet the basic lending requirements of traditional mortgage lenders, but are considered to have good credit quality. These include owners of family businesses.

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