Deutsche Securities Inc. (DSI), has priced a JPY100 billion S Series residential mortgage backed securities issue (S Series RMBS) for the Japan Housing Finance Agency (JHF), an independent administrative institution. DSI is serving as a Joint Lead Manager for JHF S Series RMBS issue no.12, together with Joint Lead Managers Nikko Citigroup Limited and Nomura Securities Co., Ltd. This is DSI’s fifth appointment as a Book-runner and Lead Manager to an RMBS issue by the JHF.
The JPY100 billion S Series RMBS issue carries a coupon of 2.15%, was priced at JPY100 and matures on November 10, 2040 with settlement due by December 26, 2008. Coupons on the certificates will be paid on the tenth day of each month with the first payment to be made on February 10, 2009.
The issue is rated AAA by both Standard and Poor’s (S&P) and Rating and Investment Information, Inc. (R&I).
“We are very proud to have served the JHF on a fifth occasion as a Lead Manager on S Series RMBS issue no.12,” says Marzio Keiling, head of global markets at DSI. “The issue was successfully priced thanks to the close cooperation of the issuer, investors and market participants in the face of concerns about confidence and the continuing crisis in credit markets. Amid this difficult environment in the domestic securitisation market, we are again very proud to have supported the placement of this issue for the JHF, the largest issuer in Japan’s securitisation market.
“We remain focused on providing financial and strategic solutions to our Japanese corporate and financial institutional clients by leveraging the strength of our global platform, and to provide them with exceptional risk management capabilities to meet their diverse needs.”
D.C.