Bank of America Merrill Lynch plans non-conforming RMBS.
Global Banking News - 21 May 2010(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk
Bank of America Merrill Lynch (NYSE: BAC) has announced plans to sell residential mortgage-backed securities worth GBP744.3m backed by UK non-conforming mortgages, Dow Jones has reported, citing two people familiar with the situation.
The deal, called Moorgate 2010-1, will be backed by mortgages originated by Wave Lending Limited, Edeus Mortgage Creators Limited and Mortgages Plc, the people said.
It consists of a GBP617.8m triple-A rated tranche with a weighted average life of 6.5 years, a GBP52.1m AA-rated tranche, a GBP18.6m A-rated tranche, a GBP37.2m BBB rated tranche and a GBP18.6m BB-rated tranche.
Each subordinate tranche has a weighted average life of 10.61 years, the report said.
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|Publication:||Global Banking News (GBN)|
|Date:||May 21, 2010|
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