Japanese communications giant Softbank last week completed the world's largest whole business securitization (ASR, 10/02/06). The 1.45 trillion ($12.46 billion) deal refinanced short-term bridge loans used in Softbank's April acquisition of Vodafone KK (subsequently renamed Softbank Mobile), the Japanese mobile phone subsidiary of the U.K.'s Vodafone Group.

Citigroup Global Markets, Deutsche Securities and Mizuho Corporate Bank, with 12 other banks joining them in the syndicate, structured the transaction. The deal comprises a mix of secured bonds and loans backed by the assets and residual income earned by Softbank Mobile.

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