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.

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