After pricing a sizeable securitzation backed by residential mortgages in mid-September, the National Credit Union Association (NCUA) is in the market again. This time the NCUA is out with a CMBS transaction worth $3.76 billion.

The five-tranche deal is called NCUA Guaranteed Notes Trust 2010-C1. According to a Fitch Ratings presale report, NCUA will be issuing securities in a single series, represented by the class A1, A2, and A-PT notes; class C notes; and class R certificates. The offering is backed a portfolio of 51 CMBS assets.

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