An Indonesian securitization that closed just before the onset of the regional financial crisis recently paid down, much to the relief of all the parties involved.

The transaction a $178 million, motorcycle loan-backed deal issued via Indonesian Motor Vehicle Funding Ltd. closed in October 1997, days before Asian currencies started widening out after the Hong Kong stock market crash. It was rated triple-A by Moody's and Standard & Poor's based on a wrap provided by Financial Security Assurance (FSA), and placed in the U.S. 144A market and the Euromarket.

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