There was plenty of ABS activity in Japan last week. One of the more interesting transactions launched was a massive 120 billion ($1.1 billion) synthetic CLO issued by Sumitomo Mitsui Banking Corp.

The credit-linked notes - issued out of the Proton Three vehicle - are referenced to a 1 trillion portfolio of loans originated by Sumitomo to small and medium-sized enterprises. While the rest of Asian banks arelagging in terms of synthetic balance sheet management, their Japanese counterparts are setting the standard.

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