Meanwhile, one of Japan's most frequent issuers, Orient Corp., has launched its latest transaction through its Clare SPV. The consumer finance company will issue 26 billion of bonds backed by loan and credit card receivables. Mizuho Securities is acting as arranger and will handle the private placement with Daiwa Securities.

The three-tranche fixed-rate transaction comprises 21.6 billion of senior paper, rated Aaa' by Moody's Investor's Service, a 3.1 billion A2' rated piece and 1.3 billion of Baa2' notes. All three classes have a 4.5-year legal final maturity.

One of Orico's competitors, Kokunai Shinpan, is readying its own credit card offering, a 29 billion issue, also led by Mizuho . Issued through the KC Card trust, the eight-year deal features a 24 billion of Aaa' rated senior paper and 5 billion of subordinated notes, rated Baa2'. The underlying pool, which consists of 87,000 contracts, is worth 36.5 billion.

(c) 2005 Asset Securitization Report and SourceMedia, Inc. All Rights Reserved.

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