The $3.847 billion securitization for the National Credit Union Administration (NCUA) has launched and is expected to price early afternoon today. This is the first in a series of securitizations for the NCUA.
The offering, which has Barclays Capital as the sole bookrunner, comprises two triple-A-rated tranches. The class I-A portion, which is expected to price at 45 basis points over the one-month Libor, has a 4.21-year weighted average life and is worth almost $3.3 billion. The class II-A tranche, which is expected to price at 100 basis points over interpolated swaps, has a 3.34-year weighted average life and is worth $566.5 million.