ContiMortgage Corp., New York, has priced a $1.75 billion securitization of home equity loans featuring a senior/subordinated structure as well as a surety wrap.The asset-backed deal, ContiMortgage Home Equity Loan Trust 1998-2, consists of 12 classes with yields ranging from 5.64875% to 7.798% and from 3 basis points over the London Interbank Offered Rate to 25 bp over LIBOR. Merrill Lynch & Co. was the lead manager for the offering. The co-managers were: Bear, Stearns & Co. Inc.; ContiFinancial Services Corp.; Credit Suisse First Boston; Greenwich Capital Markets Inc.; Morgan Stanley & Co. Inc.; and Nomura Securities Corp.
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