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LONDON (Alliance News) - EJF Investments Ltd on Wednesday said it has invested GBP16.8 million in a securitisation issued by a collection of US banks and insurance companies.
The money has been invested in preferred shares issued by TruPS Financials Note Securitisation 2018-1 Ltd, consisting of trust preferred securities issued by 62 US community banks and four insurance firms.
The total value of the securitisation, EJF said, is USD538.0 million.
EJF said around 93% of the underlying securities are floating rate with a weighted average spread of the floating assets of around 2.7% a year over USD three-month LIBOR. The rest are fixed-rate with a weighted average coupon of approximately 6.2% a year.
The weighted average maturity of the securities is 16 years and TFINS 2018-1 has a final maturity date of 2039.
Shares were up 1.1% on Wednesday at 177.00 pence each.