Friday, November 5, 2010

NCUA issues $3.8billion ReREMIC (NGN 2010-C1)

NCUA issued a $3.8 billion ReREMIC this week with 3 tranches with WALs from 4.00 - 6.73. All were rated AAA because NCUA wrapped them with their own guarantee for a monthly 2.9bp fee.

CMA reports Barclays was the lead.

The NCUA plans to conduct 8-10 resecuritizations totaling $35 billion, but all of the other deals will be backed by residential MBS. The first such offering, a $3.9 billion issue, priced Oct. 18.

After this week's offering, the agency still has about $560 million of CMBS from other failed credit unions. A spokesman said the NCUA doesn't plan to resecuritize them. While the agency didn't specify an exit strategy, it will presumably sell the remaining paper in the secondary market.

The CMBS resecuritization (NCUA Guaranteed Notes Trust, 2010-C1) is backed by bonds from the investment portfolios of Western Corporate Federal Credit Union and U.S. Central Corporate Federal Credit Union, which were seized last year.

Class Size (mm) WAL Talk Pricing
A1 $613.20 4.00 +70-75 +60
A2 $1,360.80 6.73 +110-115 +100
APT $1,786.00 5.88 +105-110 +100


crabsofsteel said...

did you see this? CWCapital won't give Trimont their share of the spcl servicer's fees


Dark Space said...

No, I read the title and assumed it was just about new issue deals. That's very interesting.