Westdeutsche Hypothekenbank AG (Westhyp) has recently launched a EURO726 million deal, making history as the company's first mortgage-backed securities repackaging transaction.

HypoVereinsbank Real Estate Structured Finance, WestLB and WestHyp's financial advisor arranged the deal. The fully unfunded synthetic CBO has five tranches and the reference portfolio consists of 21 European MBS Transactions. Fitch assigned a AAA rating to 94% of the transaction.

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