The $3.847 billion securitization for the National Credit Union Administration (NCUA) has come to market. This is the first in a series of securitizations for the NCUA.

The underlying RMBS portfolio of assets will be split into two pools, according to a Fitch Ratings presale report. One contains all floating-rate assets and the other has all fixed-rate assets. The issuer will issue securities in two series, each represented by a senior note and an owner trust certificate that will be initially retained by the NCUA, which is the deal's guarantor.

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