India's first mortgage-backed security issue finally arrived at the end of August, after numerous delays and a couple of years in the making. The country's governing body for housing finance, the National Housing Bank, was the issuer and SBI Capital Markets acted as arranger and underwriter.

The deal was worth Rs1 billion ($22 million), was rated AAA by Crisil and was backed by residential mortgages originated by Housing Development Finance Corp. and LIC Housing Finance.

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