After a few quiet weeks following the winter holidays, asset-backed deal flow in Japan rapidly picked up, as issuers prepare to launch their deals before the end of the Japanese fiscal year in March.

At press time, IBJ Securities Co. was keeping busy marketing two transactions: a 35 billion ($331 million) auto loan-backed transaction from frequent ABS issuer Orient Corp. (Orico), and a 20.5 billion equipment lease-backed deal from first time issuer Toshiba Credit Co., a consumer and corporate credit concern. Both deals have received provisional Aaa ratings from Moody's Investors Service and will be domestically placed, said an IBJ banker.

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