Last week Polaris Securities became the latest Taiwanese entity to complete a collateralized bond obligation. As with the previous issues, Polaris' NT$12.2 billion ($376.8 million) deal was an attempt to address the drop in value of structured bonds in Taiwan that has hit bond funds in the last 18 months (ASR, 10/31/05).

Polaris acted as sole arranger and jointly originated the underlying pool with Bank of Overseas Chinese. Standard Chartered was brought in as financial advisor and lead manager.

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