Japan's first securitization backed by non-performing real estate loans saw huge investor demand worldwide, according to Morgan Stanley Dean Witter & Co., arranger of the transaction.

The 21 billion ($206 million) issue by International Credit Recovery-Japan One Ltd. was structured as a Euro/144A. Roughly 60% of the issue was sold in Japan, while the remainder was evenly split between investors in the U.S. and Europe.

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