National Cooperative Bank has converted into securities some $15 million of loans it made on cooperatively owned mobile-home parks.

The Washington bank plans to place the bonds with investors privately by the end of October, said Grace Huebscher, corporate vice president.

The issue, believed to be the first of its kind, has been rated AA by Duff & Phelps Co., Ms. Huebscher said.

Credit risk is concentrated in a special class of securities, which National Cooperative plans to hold. This subordinated class represents about 7% of the issue.

The bank, which specializes in loans on cooperative apartment buildings, made news in July with the first public offering of securities backed by that type of credit.

The new bonds are backed by five loans that the bank extended to tenant groups for purchasing mobile home parks around Tampa, Fla.

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