Deutsche closes Japanese MBS deal

Deutsche Securities today (Wednesday) closed a debut securitization for Japan''s Asahi Bank with a Ñ29.4 billion transaction that is the first MBS deal to be issued by a Japanese company this year.

The Ñ29.4 billion $250 million deal - issued through the Abode special purpose vehicle - is backed by a pool of 4680 residential mortgages originated by Asahi.

The transaction is split into five floating rate tranches - three senior classes of which are rated triple-A by Moodys Investors Service. The Ñ18.1 billion A1 notes have a 1.62-year average life and carry a spread of 15 basis points bp over one-month Japanese Libor the...

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