Lehman launches MBS in Thailand

Lehman issues first publicly rated MBS from Thailand in a deal largely backed by non-performing residential mortgages.

Lehman Brothers has advanced the development of Thailand's securitization market a notch further with the issue of the first publicly rated mortgage backed MBS deal from the country. SG Securities was brought in to act as underwriter on the Bt7.17 billion $177 million transaction, which is divided into Bt4.67 billion of bonds and a Bt2.5 billion structured loan.

The deal will be backed by the cash flows generated from two loan portfolios acquired from the Financial Restructuring Agency in 1998...

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