ING Barings closes private placement ABS for Shinki

Japanese lender Shinki has raised Ñ10 billion from its second securitization of small business loans.

Shinki, a Japanese provider of loans to small businesses and consumers, has launched its second securitization of small business loans. Just like it did with Shinki's first asset backed securitization ABS in 1999, ING Barings was brought in as sole lead manager. 

The Ñ20 billion $170 million program has issued Ñ10 billion of senior beneficial interest, rated Aa2 by Moody's and AA by Standard Poor's. The senior interest carries an average life of around four years and an expected final maturity of six years. In addition, the unrated subordinated beneficial interest is held by Shinki.

Because the deal was privately placed, no details have been forthcoming about pricing or the...

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