The private banking arm of Citigroup is about to issue its very first MBS deal, inaugurating what is likely to be a regular issuance program securitizing the "super-jumbo" hybrid adjustable-rate mortgages (ARMs) of Citibank's private elite class of high-net-worth clients - some with single mortgage loans as high as $700,000.

The first such deal, a securitization of approximately $487 million of 5/1 hybrid ARMs, is set to close May 30, sources said. The prospectus was not published as of press time last Thursday, but it was expected to be printed either Friday or early this week.

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