Shinsei Bank to issue inaugural covered bond

The Ñ30 billion deal is due to price on July 8, offering an old-fashioned but secure product.

JapanÆs Shinsei Bank has announced it is issuing a 10-year Ñ30 billion $280 million covered bond backed by a pool of the bankÆs residential mortgage securities. The bond will price on July 8 and close on July 18.

The deal represents the revival of a Ñ50 billion deal which was cancelled in February this year in the face of deteriorating credit conditions globally. The dealÆs covered bond structure provides an alternative for investors to the residential mortgage backed securitisation RMBS...

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