Shinsei Bank's $280 million covered bond, which will be backed by mortgage securities, will price on July 8 and close 10 days later. The move is a revival of a previous deal that was canceled earlier this year due to deteriorating conditions in the credit markets. "We believe this is a game-changing issue that will open up a new asset class in Japan, and that its example will be followed by other banks," said Robert Brennan, group treasurer at Shinsei Bank.

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