After a lull over the past month, Japan's asset-backed market is starting to gain momentum.

Leading the pack was a $416 million deal backed by equipment leases from Diamond Lease Co., the biggest-ever global ABS originated in Japan. Maestro Securitisation Corp. issued the notes, which have an average life of 1.82 years and were priced at 41 basis points over one-month Libor. They were issued at a slight discount of 99.96. The entire issue was rated triple-A by Standard & Poor's and Moody's and was placed mainly in Europe, followed by Japan.

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