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.

Rob Davies

February 07, 2001

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 Moody’s 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 4.2-year Ñ5 billion A2 notes have been priced at 17bp over; and the Ñ5 billion A3 tranche at 20bp over with 5.99-year average life.

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