Japanese bad loan agency lines up NPL securitization

Mitsubishi Trust & Banking Corp. and Morgan Stanley mandated for Y100 billion issue.

Japan's Resolution and Collection Corp. RCC, the government agency set up in 2000 to rid the country's banking system of non-performing loans NPLs, is scheduled to launch its second securitization of distressed assets in October. RCC has selected Mitsubishi Trust Banking Corp. and Morgan Stanley to arrange the deal.

At this stage, little information has emerged about the transaction apart from the lead managers expected timing and that it will be for Y100 billion $834.4 million. The detail that most market participants want to know is whether the transaction will be publicly offered.

RCC disappointed many with its first securitization, arranged by Goldman Sachs in February, by placing the deal privately...

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