Asahi Bank lines up debut securitization

Asahi Bank of Tokyo, one of JapanÆs biggest city banks, is lining up its first foray into the world of securitization.

The Ñ29.4 billion $250 million transaction, issued through Special Purpose Vehicle SPV Abode, will be backed by a pool of residential mortgages originated by the bank. Deutsche Bank has been mandated to lead manage the deal.

The underlying pool - worth Ñ29.8 billion - is made up of 4,680 loans, 70% of which were originated to refinance the obligors existing mortgage loan. The average loan-to-value of the loans is 45.79% and the pool has an average...

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