There has been plenty of prep work for Asian deals likely to launch at the start of 2006. Most activity will come from Japan, with at least three transactions in the pipeline.

Pachinko pinball parlor operator Daiei Co. is lining up a Y25 billion transaction backed by cash flows from its business. In exchange for a loan from Shinsei Bank, Daiei will sell ownership rights of income from its 17 highest-earning parlors.

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