A E6 billion multi-originator residential mortgage-backed securitization, Siena Mortgages III, is due to be priced the week of November 18. Stefano Spina, syndicate banker at the deal's sole arranger, MPS Finance, says price talk will be available this week. The deal is backed by assets from four Italian mortgage lenders, Monte Paschi Dei Siena, Banca Toscana, Banca 121 and Cariprato.
The deal will consist of four tranches: a triple-A rated 1.7-year piece (20%), a triple-A rated 5.48-year portion (74%), a double-A 7.22-year tranche (4%) and a triple-B 7.22-year piece (2%). The deal will also feature a step up call in February 2010. Pre-marketing began last week. MPS Finance, Credit Suisse First Boston and Citigroup are the co-lead managers and bookrunners on the deal.