The second round of structured financed notes being issued by the Federal Deposit Insurance Corp. (FDIC) is being priced today. The news comes after the successful launch of the FDIC project to use structured finance as a way to profit from the certain assets of failed banks. It is believed the FDIC is cherry-picking the best performing loans to sell to investors as asset-backed securities (ABS). How it differs from a traditional securitization, most notably, is that the notes are backed with a full federal guarantee against loss. The new $1.38bn deal, which carries no coupon, is the second of a three-part platform called Structured Sale Guaranteed Notes. The platform, SSGN 2010-L1, is collateralized by construction loans seized from Chicago-based Corus bank. According to DebtWire, the first class tranche is for $150m at +18bps with a 1.066% yield. The second tranche is for $850m with swaps at +21bps and a 1.686% yield. The final class of notes is worth $377.3m with swaps at +24bps and a 2.258% yield. Barclays Capital is joint lead, with TriMont Real Estate Advisors as servicer. The deal settles Tuesday. Write to Jacob Gaffney.

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