Taishin International Bank has completed Taiwan's second mortgage-backed securitization, a NT$4.4 billion (US$131 million) issue arranged by Citigroup Global Markets with Taiwan Securities and E-Sun Securities co-managers. The three-tranche deal - issued through Taishin Mortgage Loan Securitization Trust 2004-1 - comes a month after First Commercial Bank kick-started the country's MBS market with a NT$4.28 billion offering via Deutsche Bank.

Like the FCB deal, Taishin achieved pricing of 25 basis points over the adjustable mortgage rate for the 2.32-year triple-A tranche. However, Citibank was able to sell the 4.98-year single-A notes at 60 basis points, five inside the FCB deal, while also including a triple-B piece, which priced at 85 over the ARM.

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