Morgan Stanley Dean Witter's second securitization of Japanese property-backed non-performing loans - a transaction called International Credit Recovery Japan-Two - is targeting a launch date of late July. The portfolio has been finalized and execution is well advanced, a source close to the deal said.

Informed sources suggested that the Euro/144A deal's structure will resemble that of ICRJ-1, the first deal in Morgan Stanley's series of NPL deals which closed in December 1999 (ASRI 12/13/1999 p.1), though it will be significantly larger at around 30 billion to 35 billion ($280 million to $327 million). It is expected to be split into several tranches, with the majority of the deal rated triple-A.

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