Asahi Bank lines up debut securitization

Asahi Bank of Tokyo, one of JapanÆs biggest city banks, is lining up its first foray into the world of securitization.

Rob Davies

February 02, 2001

The Ñ29.4 billion ($250 million) transaction, issued through Special Purpose Vehicle (SPV) Abode, will be backed by a pool of residential mortgages originated by the bank. Deutsche Bank has been mandated to lead manage the deal.

The underlying pool - worth Ñ29.8 billion - is made up of 4,680 loans, 70% of which were originated to refinance the obligor’s existing mortgage loan. The average loan-to-value of the loans is 45.79% and the pool has an average seasoning of 43.77 months.

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