While the festive season normally sees a lull in activity, but some deal makers were eager to complete transactions before the holidays. The most noteworthy was the completion of Hong Kong's Pan-Asian Mortgage Company's HK$257 million ($33 million) securitization of negative equity residential mortgages, a global first ( see ASR 11/22/04).

Issued out of the SMART SPV and arranged by South Africa's Standard Bank, the deal was backed by a HK$1.25 billion pool of mortgages with LTV's over 100%, a situation caused by falling property prices in the territory in recent years.

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