Standard Chartered has arranged and underwritten the first ever RMBS transaction for a state-owned entity in the Philippines. The Ps2.1 billion ($43.6 million) deal for the country’s National Home Mortgage Finance Corp comes in the form of notes with an average duration of five years priced at 8.4437%. There are two classes: senior notes aimed at institutional investors, and subordinated notes that the issuing entity will retain. Margarito Teves, secretary of the country’s department of finance, said that the bonds opened the door for further similar deals. Who said mortgage-backed securities were dead?