Master Financial Inc., Orange, Calif., has issued $210.6 million in securities backed by high loan-to-value second mortgages.The securitization consisted of seven classes, with a yield spread of 8 basis points above the one-month London Interbank Offered Rate for the A-1 notes and spreads ranging from 0.71% to 3.10% over the related U.S. Treasury bonds for the other classes. The offering, which used a senior/subordinated structure, was underwritten by a syndicate led by PaineWebber Inc. and co-managed by Deutsche Morgan Grenfell and Residential Funding Securities Corp.
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