NO&T has been handling transactions in the securitization field since the late 1980's - a time when the concept of “securitization” was not yet familiar in Japan. As a pioneer in the Japanese securitization market, we have been at the forefront of the securitization field with a number of ground-breaking transactions. As one of the leaders in the development of new financial structures for the securitization of assets, we have acted in a number of cutting-edge transactions, including the following:

• The first public offering of asset-backed securities under the Asset Securitization Law (SPC Law).
• The first securitization of real estate under the Asset Securitization Law (SPC Law).
• The first securitization of housing loans in Japan.
• The first securitization transaction utilizing a “specified contribution trust (tokutei-mochibun-shintaku)” approved by the Fair Trade Commission of Japan.
• The first global offering of investment units in a real estate investment trust (J-REIT).

We pride ourselves in being able to provide consistent high-quality legal services in connection with all aspects of a securitization transaction - e.g., structure development, risk analysis, SPC formation, documentation, negotiation, research, Financial Accounting Standards Board compliance and the rendering of required legal opinions. Our clients come from a broad range of backgrounds in this industry, from arrangers, originators, fiduciaries (trust banks), special purpose companies, issuers of mono-lines and other types of insurance, parties supplying supplementary financing and/or credit-enhancement (financial institutions), credit-rating agencies and investors.

The firm handles a wide variety of asset-securitizations using structures established under various laws, including the Asset Securitization Law (SPC Law), the Perfection Law (Dosan and Saiken-joto Tokurei-ho) and the Investment Trust and Investment Corporation Law, etc. We are closely familiar with the issuance of asset-backed securities and asset-backed commercial paper in the overseas markets, the issuance of samurai and other types of bond in the Japanese market, as well as other securitization-related methods of raising funds in variousmarkets.

The recent transactions NO&T acts in include:

• Securitization of auto loan receivables.
• Securitization of credit card receivables.
• Securitization of leasing fee receivables (both finance and maintenance leases).
• Securitization of sales receivables.
• Securitization of loan receivables (including the securitization of housing loans, consumer loans and non-performing loans, card cashing loans, and synthetic CDO using credit derivatives, etc.).
• Securitization of promissory notes receivables.
• Repackaging of bonds (Collateral Bond Obligations).
• Securitization of repayment claims on sureties and deposits.
• Securitization of real estate receivables (including those involving development projects and J-REITs).
• Securitization of intellectual property receivables.
• Securitization of inventory, IT-related assets and other movable properties.
• Project finance.
• Whole business securitization (WBS).
• Securitization of future receivables.
• Securitization of medical fee receivables.
• Various and many other transactions.