Domestic Japanese ABS issues continued to rain down recently, as corporates geared up for Japan's fiscal mid-year end in September. As usual, most of the issues were domestic and backed by equipment leases and consumer loan receivables.

Sanwa Securities arranged two transactions: a 13.1 billion ($120 million) CMBS issued by Azuchi Estate Funding Ltd. backed by an Osaka office building, and a 7.5 billion equipment lease-backed transaction issued by J-Lease Corporation for consumer credit company Nippon Shinpan. Both deals were private and Sanwa bankers declined to disclose pricing. Moody's rated Azuchi's two classes of notes A2 and Baa2, while it rated J-Lease's bonds triple-A.

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