Asset-backed issuance is finally showing signs of life in non-Japan Asia, where only a handful of global issues have been launched since the beginning of the year. Two private deals a CLO and a CBO were launched from Hong Kong, while Korea closed two landmark domestic transactions.

American Express Bank recently became the first to securitize revolving consumer loans in Hong Kong. The $200 million deal arranged by CIBC World Markets was issued through CIBC's asset-backed commercial paper conduit, Great Lakes Funding Capital Corp., which is rated P1 by Moody's and D1 by Duff & Phelps. Maturity of the paper ranges from seven to 270 days. Pricing details were undisclosed, though most of the issue was understood to have been placed in the U.S.

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