More details confirmed on GHLC securitization

CSFB will use an innovative structure for Japan''s most important mortgage-backed securitization.

In March, the state-owned Government Housing Loan Corp GHLC will launch a debut Ñ50 billion $430 million mortgage-backed deal and local market participants have been awaiting news of how the deal's arranger, Credit Suisse First Boston, will go about the structuring process.

In Japan, mortgages are typically guaranteed by a subsidiary of the lender, which in turn has first lien on any loans included in a securitization pool, rather than senior note holders. Because of this, an MBS market in Japan has been slow to develop, as it is difficult to perfect a transfer of assets, or true sale securitization.

To ensure that senior noteholders are protected, CSFB has come up...

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