Nikko Salomon Smith Barney is close to completing a CMBS transaction, which will take the Japanese market to levels of sophistication not previously seen, securitization pros in Tokyo said.

The internationally offered private placement transaction, which is scheduled to close on May 25, totals 21 billion ($192 million) and is split into four tranches and three interest only strips. The four main tranches are rated triple-A, double-A, single-A and triple-B by Standard & Poor's, Fitch IBCA and Moody's Investors Service.

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