Nomura International recently lead managed the fourth of its so-called "club funding" deals, which see a group of Japanese companies issuing private-placement bonds with the sole intention of pooling them into a securitization.

The Euroyen deal, via a Cayman Island-SPV called Ensemble IV, allows relatively small, lowly-rated or unrated companies to use the club funding strategy to access funds at rates lower than that available from banks.

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