Shinsei closes Hydra III

Terms and pricing announced for the latest in a series of successful housing loan securitizations.

Shinsei Bank in Tokyo yesterday priced Y73.5 billion $686 million of unsecured bonds from its Hydra III Funding Corp vehicle, which securitizes a pool of housing loans. The bonds are split in three tranches. The Y67.6 billion S1 floating rate class carries a coupon of 40bp over Libor. The bonds have an average life of 4.21 years and are rated triple A by all three rating agencies.

The Y5.2 billion S2 fixed rate class carries a coupon of...

To continue reading, please login or register for free

Click for more on: shinsei | closes | hydra | iii

Print Edition

FinanceAsia Print Edition

CONFERENCES