BMO sets up RMBS vehicle for breakthrough mortgage deal
Bank of Montreal has set up a securitization vehicle that could issue its first RMBS deal soon, backed by C$2bn of uninsured prime mortgages, as analysts said new lending rules could spark the emergence of a Canadian private label RMBS market.
The deal, Bicentennial Trust 2017-1, would be a rare example of a Canadian private label RMBS deal.
A senior class ‘A’ of notes represents 95% of the C$1.96bn ($1.46bn) pool of prime mortgages without federal insurance coverage. The deal has six other classes of rated notes, down to
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