Ocwen UK Ltd., the British non-conforming mortgage lender, launched its fourth securitization at the beginning of January. The transaction, called Originated Mortgage Loans 4, totaled almost E400 million ($401 million) and was split into a E335 million Class A note rated triple-A and a GBP40 million sterling piece rated single-A.

The deal was the company's first Euro-denominated transaction. The senior tranche, with a 2.4-year average life, priced at 55 basis points over Euribor and subordinated piece, with a 4.6-year average life priced at 150 over Libor.

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