Two new Japanese credit card receivable securitizations that total of JPY4 billion ($52 million) are in the market.
The Ocean Series 2011-2 is backed by a pool of credit card receivables and Ocean Series 2011-2 trust Asset Backed Loan (ABL) is backed by the Ocean Series 2011-2 beneficial interests.
Both Standard & Poor's and Moody's Investors Service rated the deals 'AAA' and 'Aaa', respectively.
The rating agencies explained that the beneficial interests are secured by a pool of credit card shopping receivables and credit card cash advance originated under credit card agreements, and the trust ABL is backed by the beneficial interests.
The transactions have been issued from an existing master trust program. Mizuho Securities Co. is lead arranger on the deal.