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Morgan Stanley Dean Witter this week launched an innovative securitisation for UK retail chain J Sainsbury Plc, backed by 16 of its supermarkets. The £335.5m deal is rare in being backed by leases to a single tenant, and is only the second securitisation of retail property in Europe.

Sakura Finance International this week launched a ¥15bn ($141m) club funding vehicle for six Japanese corporates, allowing the businesses to raise funds at higher ratings than their own. Since December 1998, Japanese banks have structured around a dozen transactions described as 'collateralised bond obligations' that are really club funding securitisations. Each of a group of corporates issues a bond with identical maturity and payment dates to a special purpose vehicle - the SPV then sells notes tranched into senior and subordinate classes.