Dai-Ichi Kangyo International is rumored to have recently won two more Japanese mandates. Both are thought to be in the area of consumer loans, and the most likely would seem to be another auto loans deal for frequent issuer, Orient Corp. Orico has already launched six such deals, the last of which came to market in September (ASRI, 9/10/2000 p.8).

Meanwhile, Morgan Stanley Dean Witter is close to winning a couple of mandates for Japanese deals to be backed by non-performing loans, according to industry sources. MSDW has structured two NPL deals so far, the only bank to do so, and in both cases the transactions were backed by portfolios of bad loans that it had acquired from elsewhere. This experience gives it a significant headstart over potential rivals. It is although thought the bank will make a big push in the real estate sector next year, both in the RMBS and CMBS markets.

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