AEL Corp launches third securitization

ING arranges third deal from HABS Corp master trust for Japanese consumer finance company.

AEL Corporation, the Japanese consumer finance company formerly known as Hitachi Shinpan, has launched its third securitization out of the HABS Corp master trust. As it did with AEL's first two offerings, ING acted as sole lead manager for the transaction.

The latest Ñ11 billion deal is backed by a portfolio of approximately 34,000 consumer loan receivables originated by AEL.

The transaction has been split into two tranches Ñ11 billion of senior notes and an unrated subordinated piece that will be held by the issuer as credit enhancement. The senior notes, rated Aa2 by Moody's and AA by Fitch and Standard Poor's, have expected average lives of three years and carry a coupon...

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