Shinsei launches 'hybrid' bond

Banks in Asia and the emerging markets appeared undeterred by a significant drop in buyers of mortgage-backed bonds as they marketed inaugural deals last month. Shinsei Bank is set to be the first institution to launch a covered bond in Japan - although the bond has been described as more of a 'hybrid' of a covered bond.

The Tokyo-based bank, which has Yen10,837.6 billion ($101.5bn) of assets under management as of March 2007, has received an Aaa provisional rating from Moody's for its bond, whic

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