Small and medium-sized enterprise-backed securities (SMEs) made quite a showing in Japan's CDO market last year, Moody's Investors Service has found.

Recent research from the rating agency shows that 24 CDOs were released into the market in 2003, tallying about 4.24 trillion (US$36.2 million). Of that number, 60% of deal flow - 15 CDOs - were backed by loans for SMEs. These CDOs accounted for 3.01 trillion, or 70% of the market's volume, analysts found.

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