Japanese securitization issuance at the end of the third quarter reached 5.4 trillion ($47.4 billion), according to Merrill Lynch, exceeding the total for the whole of last year. Comfortably the single largest contributor to this total is the Government Housing Loan Corp., Japan's GSE equivalent, which has issued nine deals worth 883 billion.

GHLC, which accounts for 30% of the country's mortgage industry, recently completed two deals: a 84.9 billion deal backed by newly originated loans and a 250 billion offering backed by outstanding loans that GHLC extended the seasoning of, the second of its S-series transactions.

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