Chiyoda deal sign of things to come for Japanese ABS

A deal backed by failed insurance company Chiyoda Mutual Life may be a sign that securitization of consolidated assets could be the next big thing in Japan''s ABS market.

For the past year, securitization professionals in Japan have predicted that consolidation in the financial sector would provide an opportunity for a surge in issuance. It has taken longer than anticipated to get the ball rolling but the announcement of a deal securitizing property assets of the bankrupted insurance company Chiyoda Mutual Life could be the start of a new development.

Chiyoda went into liquidation last October, part of a trend in the Japanese insurance sector that has also seen major companies such as Kyoei Life and Daihyaku Life going the same way. Most of the distressed assets formerly owned by these firms have been sold through receivership or auction to players such...

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