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.
The Y5.2 billion S2 fixed rate class carries a coupon of 1.2693%. It is also rated triple A by all three rating agencies and has an average life of 5.7 years.
The Y0.7 billion floating rate J class carries a coupon of 130bp over...
