NU Online News Service, July 5, 1:35 p.m. –Yasuda Mutual Life Insurance Company Ltd., Tokyo, and Fukoku Mutual Life Insurance Company, Tokyo, have agreed to join to raise ?4.6 billion, or about $40 million, through securitization, according to Yomiuri Shinbun, a Japanese daily.

Under the agreement, the two companies will set up a special purpose company to raise $20 million in corporate bonds for each by putting up their credit and real estates as collateral. Nomura Securities Company will underwrite the securitization, Yomiuri Shinbun says.

The deal is said to be the first joint securitization in the Japanese life insurance industry. Yasuda and Fukoku reportedly agreed to the joint financing arrangement to reduce overhead.