Pricing on Western Riverside Council of Governments' (WRCOG) HERO Funding Trust 2014-2 is cheaper than the issuer’s inaugural deal. The 10.6-year bond yielded 4%, compared with 4.75% for its inaugural deal completed in April, which had a very similarly structure.

The major difference between the pools of collateral backing the two deals is that the latest deal has loans from ten new counties representing 60.1% of the pool. The initial deal featured collateral only from Riverside County while Riverside County represents 39.90% of the HERO 2014-2 collateral pool.

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