The Ñ12.5 billion $102.6 million transaction is backed by a portfolio of around 38,000 consumer loans, the first time Nice has issued a deal using such assets.
The deal was placed privately, something that is relatively easy to do in Japan's asset backed securities ABS market because investors are crying out for high quality paper, especially securitized paper as it carries better credit protection than straight corporate bonds.
ING Barings used the same method...
