Morgan Stanley Dean Witter's second securitization of Japanese non-performing real estate loans is nearing the final straight, according to sources close to the deal. The transaction, called International Credit Recovery-Japan Two, is expected to resemble the first highly successful deal, which closed in December last year (ASRI 12/13/1999 p. 1 and p. 12, 11/29/1999 p. 3, 11/15/1999 p. 2, 11/1/1999 p. 1).
The precise timing is uncertain because the bank's real estate arm in Japan, which is gathering the portfolio, may decide to add more purchases to the pot before the deal is launched. If the decision is taken to go ahead soon, the transaction will be worth around $300 million and is scheduled for July. If the decision is taken to delay, the total could be considerably bigger.