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Japan's Orico launches first international non-bank card deal

Clare Special Purpose Vehicle has launched a consumer-finance securitization worth the equivalent of 60 billion (U.S.$446 billion), via lead manager Mizuho Securities. Orient Corp (Orico) originated the deal, the first international securitization of card loans by a non-bank institution. Orico has also originated eight Japanese auto-loan securitizations.

The deal...

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