Hong Kong Mortgage Corp. (HKMC), the territory's state-controlled secondary mortgage company, last week priced the latest issue from its Bauhinia RMBS program. HSBC was sole lead on the HK$2 billion ($257.2 million) issue.

Backed by a pool of residential mortgages acquired from the Hong Kong Housing Authority, the transaction is the first to include tranches not guaranteed by HKMC. This was made possible by Moody's Investors Service recent upgrade of the agency to triple-A.

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