NCUA 2011-C2 ($840b)

The WSJ describes it as such:

The bond, backed by commercial mortgages, has two tranches and Barclays Capital is leading the deal. Price guidance on the $605 million, 6.05-year tranche is in the area of 53 to 55 basis points over one-month London interbank offered rate, or Libor. On the $235 million, 5.21-year portion, it is in the area of 33 to 35 basis points over one-month Libor.

NCUA is also working on a $1.253b 10-year resi deal NCUA 2011-R2.

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