PennyMac issues first NPL deal of the year

By Ryan Bolger
07 Apr 2015

Mortgage lender PennyMac’s first non-performing loan securitization of the year was priced this week, according to a person close to the transaction.

The single-tranche $111.234m deal was priced at a discount for investors, yielding 4.125% for its 4% coupon. The notes, with a weighted average length to maturity of 1.11 years, are unrated. Credit Suisse was sole structurer, and Citi is a bookrunner alongside Credit Suisse.

NPL issuance has been steady ...

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