South African mortgage company S.A. Home Loans last week announced details of its debut entry into the MBS market. The company, which is affiliated with the International Finance Corp. and was set up in 1999 (ASRI 2/22/1999 p.1) to provide low cost mortgage financing and refinancing, will launch a six-tranche deal in early July.
The transaction - via a special purpose vehicle called MBT Series 2000 -is the first in a series of MBS deals that the company plans this year, one of which will be worth in the region of R1 billion ($147 million), according to Simon Stockley, founder and chief executive officer of S.A. Home Loans. "This is the first of many such issuances from the emerging South African market," he said. "A number of other issues are awaiting an indication of investor interest following the first release."