Activity in Taiwan could soon start picking up after a slow start to 2005, according to sources in Taipei. Cathay Financial - the country's biggest financial services group with interests in banking, real estate and insurance - is mulling its first entry to the ABS market as an issuer.

Cathay recently received approval to establish a real estate investment trust and looks likely to issue NT$10 billion ($318.5 million) via CMBS transactions, which would help finance purchasing properties to go in the REIT.

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