Paul Hastings Janofsky & Walker's joint law enterprise in Tokyo has advised Nomura Securities as arranger in Japan's first asset backed securitisation involving special event facilities.

In association with Taiyo Law Office, the US firm completed the deal - which raised ¥10bn and was structured using special purpose vehicle Yugen Kaisha AGI - on 29 June.

The special event facilities - which included wedding halls and funeral parlours - were entrusted by Kabushiki Kaisha Aichi Kankon Sousai Gojokai, a subsidiary of Yugen Kaisha Takasago Kosan to UFJ Trust Bank.

Securitisation partners Norifusa Hashimoto and Kyoko Tanaka led the Paul Hastings team advising Nomura.

Hashimoto said: "We believe this deal will open up the present securitisation market to a much broader range of asset possibilities than the more traditional forms of receivables such as mortgages, consumer loans and credit cards."

Prior to this deal, some of the more unusual assets to be used in deals of this kind in Japan had been golf courses and medical receivables.

Meanwhile, Paul Hastings' securitisation practice has just been shortlisted for 'Securitisation Law Firm of the Year 2004' by ALB.