400 Capital Management partners with OceanFirst Bank on $1.5 billion mortgage risk-transfer deal

  • 400 Capital Management partnered with OceanFirst Bank on capital relief transactions tied to a USD 1.5 billion residential mortgage loan portfolio.
  • The deal used a credit default swap on the portfolio to transfer risk and support regulatory capital relief for OceanFirst.
  • Credit linked notes rated by DBRS Morningstar were issued referencing the CDS, creating rated exposure for institutional investors.
  • 400CM described it as the first fund-issued, rated U.S. mortgage significant risk transfer transaction, positioning the structure as a template.


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