Sakura Bank of Japan will next week bring to market a 29.64 billion ($260 million) deal backed by residential mortgages. The transaction, called RMF 21 Corp., will securitize just over 2,800 loans originated by the bank worth around 30 billion. Sakura will act as joint lead-manager on the transaction with Deutsche Bank.
RMF 21 will be split into four floating-rate tranches with final maturity due in 2032. The 15.4 billion A1 tranche, 7 billion A2 notes and 5 billion A3 tranche have all been provisionally rated triple-A by Standard & Poor's. Additionally, a subordinated 2.24 billion B tranche has been rated triple-B.