Sweden's Sveriges Bostadsfinansieringsaktiebolag (SBAB) last week launched its EURO1 billion securitization of first-tier residential mortgages.

The transaction was interesting because as well as three Euro-denominated tranches, SBAB also widened the distribution by offering a small fixed-rate Yen piece. Nomura acted as lead manager on the transaction, with Merrill Lynch and Salomon Smith Barney brought in as co-leads.

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