Nippon Shinpan, one of Japan's most regular securitizers and biggest consumer finance companies, is tapping the market again with a 45.6 billion ($438.3 million) offering. The deal, launched out of the Ann Funding SPV, is backed by a pool of shopping card receivables and is being arranged jointly by Merrill Lynch and UFJ Bank.

Moody's has assigned triple-A ratings to the 40.8 billion senior tranche, which has a legal final of seven years, with the deal also featuring three small subordinated tranches with ratings ranging from Aa2' to Baa2'.

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