Fitch has issued a presale report on a few billion dollars worth of government-guaranteed senior notes being issued to fund the purchase of RMBS from credit unions placed in conservatorship.
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According to the report, there are three rated tranches of National Credit Union Administration notes. The first is about $1.55 billion in size, the second is roughly $1.6 billion in size and the third is $370 million in size. The first two tranches are collateralized by floating-rate RMBS and the last by fixed-rate RMBS.
The 255 RMBS involved in the purchase are from five different credit unions.
