A steady stream of Japanese ABS issues continued to rain down in recent weeks, reflecting firm's desire to improve their financial standing before Japan's fiscal mid-year in September.
The biggest issue came from repeat ABS issuer Showa Leasing Co., which launched a 32.8 billion ($277 million), equipment lease-backed securitization via Sunflower Funding Special Purpose Co. The issue comprised 12 classes of notes with maturities ranging from six months to six years and coupons ranging from 1.55% to 2%. It was rated triple-A by both Moody's and Standard & Poor's. IBJ Securities arranged the transaction, which marked Showa's first public domestic ABS after two previous Euromarket issues.