Bangkok--7 Sep--Moody's Investors Moody's Investors Service says that in Southeast Asia's structured finance market during 1H07 activity was prominent in Singapore and Malaysia. "Property-related securitizations more than doubled in Singapore, the location of Asia's most developed REIT market outside of Japan and Australia," says Dominique Gribot-Carroz, a Moody's AVP in Hong Kong. Gribot-Carroz was speaking as the author of a new report by the rating agency, which reviews 1H07 and examines the outlook for 2H07. "In Singapore, total issuance rated by Moody's in 1H07 was almost USD1.2 billion, more than twice that of 1H06, and nearly equal to all of 2006," says Gribot-Carroz, adding, "Issuance was mainly driven by deals originated by REITs and real estate developers." "Looking ahead into 2H07, additional CMBS and deferred payments deals may appear," she adds. "In Malaysia, 1H07 domestic issuance exceeded USD1 billion and Cagamas returned to the market with its second Islamic RMBS. The first Malaysian synthetic CLO was also launched in May" says Gribot-Carroz. And the prospects look good with Cagamas launching with success in early August another RMBS transaction (conventional) with an issuance size of RM2.41 billion (USD695 million). The Thai securitization market provided no surprises in 1H07. The Siam Industrial Credit Public Company Limited (SICCO) closed its 3rd ABS backed by auto loans. AEON Thana Sinsap (Thailand) Public CompanyLimited also launched its 3rd ABS backed by credit card receivables. Thailand's Government Housing Bank (GHB) is working on launching an onshore and offshore RMBS, expected to total THB40 billion (USD1.22 billion), with closing expected in mid 2008. And in Indonesia, while the last securization deal occurred in 2005, state-owned mortgage provider, PT Bank Tabungan Negara, is considering the sale of IDR500 billion (USD53 million) in ABS in 2H07. If the plan materializes, it will be the first issuer of ABS in the domestic market since the 1997-98 Asian crisis. Other finance companies are considering RMBS or ABS. The Singapore, Malaysia, Thailand and Indonesia report is being released in conjunction with structured finance reports for Korea and India, a combined report for China, Hong Kong and Taiwan, a report summarizing developments in the entire region, and another on regional derivatives.