Clare Special Purpose Vehicle has launched a consumer-finance securitization worth the equivalent of 60 billion (U.S.$446 billion), via lead manager Mizuho Securities. Orient Corp (Orico) originated the deal, the first international securitization of card loans by a non-bank institution. Orico has also originated eight Japanese auto-loan securitizations.

The deal featured a Euro tranche, a U.S.-dollar tranche and a yen tranche. "Orico did the deal in different currency tranches to maximize its investor base," said Richard Tarn at Mizuho in London. "As these deals are not going to come as prolifically as Orico's auto deals, it was better to do all three together. Orico will do more of these deals, which will be regular but not frequent." Investors included banks, insurance companies, corporates and conduits. The deal was sold in Europe, including a large portion in the United Kingdom. A significant portion was placed in Japan, where most of the yen tranche was sold.

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