Sanwa Bank kicked off Japan's long-awaited residential mortgage market with the launch of a pioneering 50 billion ($407 million) MBS arranged by Bear Stearns.

Pricing had not been finalized by press time, but domestic investors reportedly bought the bulk of the issue. Excess liquidity, rather than strong interest in the transaction itself, mostly drove domestic demand, sources said.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.