Hong Kong Mortgage Corp. (HKMC), the state-controlled secondary mortgage agency, last week launched the latest RMBS from its Bauhinia program. HSBC is arranger on the HK$2 billion deal, which is the first not to feature an unconditional guarantee by the borrower.

The need for this was negated by Moody's Investors Service recent upgrade of HKMC's long-term local credit rating from Aa3' to Aaa'. Moody's also applied the rating change to three existing RMBS transactions by the company dating back to 2003.

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