Korea, Hong Kong and Singapore will be the major markets for securitization in non-Japan Asia 2001, but issuance from other Asian countries including Malaysia and the Philippines is also likely, says a recent report from Moody's Investors Service.

In Malaysia the securities commission may introduce securitization regulations in the near future. "Our understanding is that the regulator may have already put out draft regulations," said Min Ye, managing director at Moody's in Hong Kong. "The legal system is similar to the U.K., so there may be whole business securitizations. Singapore and Hong Kong also have legal systems similar to the U.K., so whole business securitizations are possible here."

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