The $600 million future flow coal ABS completed in June 2005 by Indonesia's PT Bumi Resources will be redeemed in full on April 28, six years ahead of maturity. The move comes as a result of Bumi selling off the two subsidiaries that produced the coal - PT Kaltim Prima and PT Arutmin - to a consortium led by Renaissance Capital, an Indonesian Bank.

In many ways, the early redemption is disappointing news as the transaction has performed well and served as a prime example of the benefits of securitization to companies in Southeast Asia.

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