After BHW Bausparkasse and KfW Bankengruppe priced the sixth private residential mortgage loan securitization under the PROVIDE platform, it wasted no time in marketing its seventh deal issued under the platform last week.

The PROVIDE Blue 2005-2 deal, which priced last week, has approximately 3.461 billion ($3.9 billion) of securities on offer, backed by both amortizing and bullet loans. Deutsche Bank Securities acted as lead manager of the transaction, which has an average LTV of roughly 52%. KfW takes an intermediary role in these securitizations, assuming the default risk of the underlying loan portfolios on behalf of BHW. At the same time, the risk is transferred to the capital and swap markets under the lead of Deutsche Bank.

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