Korea's Standard Chartered First Bank (SCFB) has completed its fifth cross-border residential mortgage-backed offering. Standard Chartered -SCFB's parent -was sole arranger, bookrunner and swap provider on the $650 million issue with Calyon and Royal Bank of Scotland brought in as joint leads.

The deal, issued through the Korea First Mortgage SPV, was backed by a pool of 10,764 mortgages with a weighted loan-to-value of 52.9%. MBIA provided an unconditional wrap for the notes, guaranteeing triple-A ratings from all three international agencies.

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