Shinsei closes Hydra III

Shinsei Bank in Tokyo yesterday priced Y73.5 billion ($686 million) of unsecured bonds from its Hydra III Funding Corp vehicle, which securitizes a pool of housing loans. The bonds are split in three tranches. The Y67.6 billion S1 floating rate class carries a coupon of 40bp over Libor. The bonds have an average life of 4.21 years and are rated triple A by all three rating agencies.