Morgan Stanley closes largest Japanese ABS

Morgan Stanley gives investors an Aiful with a Ñ245 billion deal.

Morgan Stanley has closed the largest ever asset-backed securitization ABS to come out of Japan with a Ñ245 billion $2.04 billion deal for Aiful Corp, one of the country's major consumer loans companies.

The transaction, issued through the Life SPV special purpose vehicle, securitizes a portfolio of around Ñ300 billion consumer assets originated by the now defunct Life Company, acquired by Aiful in March this year.

The Life deal has been widely anticipated in the market since then and it is no surprise that Morgan Stanley arranged the transaction given that that the bank also arranged a Ñ273 billion loan for Aiful to buy the assets in the first place.

Proceeds from the offering...

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