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Reports on the bankruptcy of Japan Leasing Corp. Significance of the company to the asset backed securitization market of Japan; Efforts of the government to protect the company from total collapse; Details on the financial problem of the company.

Presents updates on companies in Japan which offered securities in the country's securities market. Move of Shinsei Bank to launch a securitisation for Japanese residential mortgages; Launching of the mortgage backed security offerings by the Kanto Tsukuba Bank; Move of UFJ Bank to offer securitisation to small and medium sized companies by launching its second asset backed commercial paper conduits.

Cites the growth of Japanese asset backed commercial paper (ABCP) market. Status of short-term financing rates of companies from the banks; Difference of ABCP market from the securitization market.

Using Cayman Islands vehicles for Japanese securitizations brings originators and arrangers the benefit of a user-friendly jurisdiction. Involvement of Cayman Islands special purpose vehicles in Japanese structured finance transactions ranges from the simple use of Cayman corporate vehicles as holding companies at one end of the spectrum to the use, at the other end, of a Cayman company as the entity that itself issues notes or asset-backed commercial paper, enters into credit derivative transactions or assumes obligations in credit-linked loan transactions. At each extreme, the involvement of a Cayman company is testament to the particular features of Cayman Islands corporate and insolvency law that continue 10 make the Cayman Islands the offshore jurisdiction of choice for structured finance transactions.

Deals with the call for professionalism, transparency and liquidity in the Japanese securitization market, as of November 2003. List of the main channels for commercial mortgage backed securities transactions; Reasons behind the decline in commercial mortgage backed securities transactions; Impact of the mortgage backed securities program of the Government Housing Loan Corp. on the market.

Presents several articles pertaining to international bond issues. Rating of the European Investment Bank; Issue price of Merrill Lynch & Co.; Emerging markets debt at Argentina; Bookrunner's comment on National Bank of Hungary; Market appraisal for the Republic of Turkey; Asset-backed securities in Japan; Guarantor of Countrywide Home Loans; Rating of Bank Nederlandse Gemeenten NV; Bookrunner's comment on General Electric Capital Corp.

Analyzes the trend in the asset securitization market in Japan. Projected growth in the volume of securitized assets in the country; Entry of European and Japanese investors to arrange for deals on asset securitization; Capability of Japanese domestic market; Impact of the trend to domestic and international businesses.

Provides information on securitisation priced by Deutsche Bank for the Hung Tai Century Tower in Taipei, Taiwan and talks about other securitisation deals in Japan as of January 7, 2005. Coverage of the tranche deal that parcelled Hung Tai; Price of each tranche; Securitisation deals closed by Mizuho Securities in Japan in 2004; Amount of the paper issued by Gannet V Funding Corp.

A new sector of the Japanese securitization market has opened with the first residential mortgage backed (RMBS) deal by a Japanese regional bank, as of October 2003. The transaction, which took three months to compete, involves the issue of ¥68.9 billion Series 1 Mortgage-backed Trust Certificates, due November 2038. The trust certificates are backed by a pool of housing loan receivables originated by Bank of Yokohama, which have been transferred to a trust created with Mitsubishi Trust & Banking Corp. Yasushi Ikai, credit analyst at Standard and Poor's points out that most private sector Japanese RMBS deals are parceled into trust certificates and, as a result, trust certificate securitization paper has become about as liquid as RMBS bonds. Research analysts note the deal features a standard default trap mechanism as well as a facility to enable cash reserves and loan principal collections to be used to cover temporary interest payment shortfalls. The loan-to-value ratio of 62% is low in the Bank of Yokohama deal, compared to other Japanese RMBS deals, further enhancing the credit rating. One concern in this transaction was the potential concentration risk posed by the regional bank's localized business focus. In order to attain AAA rating, the Bank of Yokohama deal features over-collateralization of approximately 15.5% of the housing loan receivables.

Reports that Fuji Bank will launch a domestic asset backed commercial paper conduit to securitize a form of promissory note unique to Japan. Rating for the Notes Funding Corp. by R&I; Liquidity facility from Fuji Bank; Advantages of securitizing asset backed commercial notes, according to Shinya Aizawa, deputy general manager at Fuji's financial engineering division.

Discusses the growth of residential mortgage-back securitisation (RMBS) in the asset-backed securitisation market in Japan in 2004. Factors that contributed to the recovery of the Japanese securitisation market; Information on several RMBS transactions of banks in September 2004; Implementation of a securitisation programme for loans of small and medium sized enterprises by Japan Finance Corp. for Small Businesses on July 1, 2004.

Reports on how securitization helps accelerate the process of disintermediation in the Japanese financial system. Significance of the arrival of unsecured consumer finance assets; Key factor for the securitization market's growth; Ways to achieve growth, according to Takeo Sumino, head of global merchant banking planning at Nomura in Tokyo; Overview of the vehicle Shinsei Funding Four used by Shinsei Bank; Effect of the collapse of stock markets and the growth of bankruptcies on banks.

Focuses on the progress of the securitization market in Japan in 2004. Issuance by Mizuho Securities of residential mortgage-backed securities; Domination by consumer credit companies of the asset-backed securities market; Emergence of the collateral debt obligation market.

The article offers information on companies which have won awards in the field of securitization. It mentions that Reserve Bank of New Zealand has issued a consultation paper proposing that New Zealand covered bonds should either be standardized on the structured model developed for the company BNZ. It informs that the company Prudential Mortgage Asset Holdings has financed three billion debt to a property trust formed by a Japanese Real Estate Investment Trust (J-Reit)

The article reports that two Japanese securitisation deals have concluded, despite the market being quieter than for many years. Deutsche Bank sold a ¥21.9 billion (bn) securitisation issue backed by a diversified portfolio of office properties, mostly in Tokyo, but also in six other Japanese cities. Shinsei Securities arranged the almost ¥403bn securitisation of consumer finance loans. The J-Core Trust Certificates issue was sliced into four tranches, rated triple-A, double-A, single-A and A−.

Presents updates on the structured finance market in Tokyo, Japan as of March 2005. Launch of securitisations of Mizuho Securities and Mizuho Investors Securities sponsored by the Tokyo Metropolitan Government; Information on the equipment lease securitisation launched by Mizuho Securities for Showa Leasing Co.

Presents an update on the capital markets in Japan as of March 2002. Securitization of card loans under the Clare program of consumer credit company, Orient Corp.; Information on the third securitization launched by AEL Corporation.

Highlights the role of Tokio Marine & Fire Insurance Co. in the asset-backed securitisation (ABS) market in Japan. Acquisition of auto-loans ABS by the company; Involvement of Tokio Marine in the purchase of a landmark synthetic collateralized debt obligation of Mizuho Corporate Bank in 2003; Impact of bank withdrawal in collateralized loan obligation issuance on the company.

Highlights the commitment of Japanese finance company Orient Corp. to asset-backed securitisation in the Euromarket. Impact of the financial crisis in Japan in 1998 on the finance company; Issuance of Oscar 13 car loan securitisation by Orient in September 2004; Information on the Orico Hybrid Series automobile loan securitisation closed by the company in 2004.

Reports on the securitization program launched by Government Housing Loan Corp., a residential loan mortgage lender in Japan, in March 2001. Price structure; Lead managers; Background of the company.

The article deals with the role of residential mortgage-backed security (RMBS) deals in the growth of securitisation issuance in Japan. The transformation of Government Housing Loan Corp. (GHLC) into direct mortgage lender is expected to affect the total market volume. Megabanks' RMBS issues are often time-tranched collateralised mortgage obligations (CMO). There is no clear indication yet that the megabanks will become serial issuers of collateralised debt obligations (CDO).

The article focuses on the whole business securitization (WBS) in Japan. WBS deals are said to lie somewhere between traditional corporate finance and traditional securitization transactions according to Yukio Egawa, director and head of securitization research at Deutsche Securities in Tokyo. It is said that Daiei founder Tadayoshi Kanai was the locomotive for the WBS transaction of the firm. INSETS: Pachinko--a unique Japanese pastime;Five decades in the pachinko industry.

Provides information on the move of Diamond Lease Co. of Japan in entering the asset backed market in June 1999 with the international term ABS offering. Value of the deal; Comments from Richard Sullivan, co-head of securitization at TMI in London; Average life of the notes; Aims achieved by the issue; Credit enhancement.

This article reports on the increase in investor demand in the securitization market in Japan in 2004. Nomura has conducted research on the asset-backed securities (ABS), collateralized mortgage-backed securities (CMBS) and RMBS issuance in the country. The security issuance totalled 36.4 billion U.S. dollars. The ABS deals in Japan are still a relatively expensive form of funding. RMBS deals have increased due to a stronger economy and low interest rates which means more customers want to take out mortgages. The CMBS issuance has also continued to grow. CMBS deals were appealing while companies were strapped for cash. Collateralized debt obligation and collateralized loan obligation products are much more dynamic, especially in the small and medium enterprises securitizations. Several banks have been increasing their issuance of small- and medium-enterprises loans and mortgages securitizations. Japan's securitization market still suffers from woeful transparency. Many issuers opt to place smaller ABS deals to select groups of investors. This is partly historical, but the recent competition for ABS issues has further encouraged institutional investors to buy up entire private placements.

The article focuses on the Japan Housing Finance Agency (JHF), a mortgage company in Japan. It states that JHF arrived in April 2007, a reincarnation from the former Government Housing Loan Corp. (GHLC), which had been a provider of direct housing loans to the general public. No longer a direct lender, JHF focuses on enhancing securitisation in Japan, where it is the only Japanese government-owned financial institution specialised in securitising housing loans.

Looks at the status of the Japanese securitization market. How the recapitalization of major banks with bad loans renewed the enthusiasm for holding assets on consumer finance; Negative aspect of this enthusiasm on consumer fiance and residential mortgage; Factors that lead to the success of Japan's securitization market; Changes in the asset-backed market; Outlook on Japan's economy.

Focuses on the efforts of Bank of Japan (BoJ) to fund sectors of the Japanese economy that have been affected by the financial crisis in 1998 through asset-backed securitisation. Secondary objective of the bank in their effort; Information on a securitisation market workshop initiated by BoJ in 2003; Revisions made by BoJ to the investment criteria regarding small and medium enterprise related bonds in January 2004.

Reports on Hummingbird Securitisation, a yen dominated synthetic collateralized debt obligation series, launched by BNP Paripas in Japan in 2004. Demand from regional financial institutions; Bonds sold in July 2004; Recovery rate for asset-backed securities.

Reports on the launch of the ninth securitization of auto loans by Japanese consumer finance company Orico Corp. from its Oscar program with a dollar and euro denominated deal via Mizuho International, as of July 2002. Details on the notes offered through the program; Overview of the Oscar Funding Corp IX program; Background on Orico.

Presents updates on securitization of several corporation in Japan as of April 27, 2001. Securitization deal launched by Morgan Stanley Dean Witter; Senior notes issued by Japan III Ltd.; Financing deal for Orient Corp.; Value of the deals.

Reports on the preparation of Morgan Stanley Dean Witter for its securitization backed by property and delinquent real estate loans in Japan. Value of the asset securitization deal; Attitude of investors toward the deal; Advantages of the securitization transaction.

Presents update on companies in Japan which plan to launch securitization transactions. Securitization of Orient Corp.; Equipment lease securitization of BOT Lease Co.; Equipment lease deal of Toshiba Credit Corp.; Value of the securitization deals; Lead managers for the deals.

Blackstone's GSO Debt Funds Management has scaled up its latest European CLO on the back of heavy demand from Japanese buyers, making it one of the biggest CLOs to be launched globally in the year to date. [ABSTRACT FROM AUTHOR]

The article examines the similarities between the bank's need for liquidity in the wake of the sub-prime mortgage crisis in the U.S. and the situation in Japan during its decade of stagnation. Lombard Street Research's estimates place the overall losses at between $300 billion and $400 billion. The banks are exposed via a few channels. First, they have offloaded their better-quality debt, holding on to the lower-rated tranches. Second, they have bought back some of the asset-backed securities (ABS) and collateralized debt obligations (CDO). Third, they have lent to the specialist sub-prime mortgage lenders and the real state sector. Last, they have lent to hedge funds.