A pair of Japan's most frequent issuers launched transactions in the past week. Credia, a consumer finance company with assets of 121.6 billion ($1.1 billion), launched a 10 billion unsecured consumer loan ABS via the CABS Limited Series 2005 master trust vehicle, while UFJ Bank will issue a 100 billion RMBS through the UHL2005 trust.

Credia's deal, backed by a pool of 31,694 loans totaling roughly 16.1 billion, is being arranged by The Royal Bank of Scotland. The transaction features 8.7 billion of senior floating-rate notes, rated Aa2' by Moody's Investor's Service, and 1.3 billion of Baa2' rated subordinated paper.

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