The Japan-based mobile telecommunications carrier called Softbank Mobile Corp. is marketing JPY 5.126 billion ($64 million) of senior trust certificates that are backed by handset installment sales receivables.
Moody's Japan K.K. has assigned a provisional rating of 'Aaa' to the transaction based on the expected loss posed to investors by the final maturity date.
The assets backing the deal are handset installment sales receivables originated by SBM and are diversified. This is because the obligors are consumers and the average outstanding amount (per obligor) is low, at approximately JPY 50,000.
Sumitomo Trust & Banking Co. is lead arranger on the deal.