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 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.

Additionally, the two subordinated pieces - a Ñ700 million...

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