NEW YORK - The Resolution Trust Corp. has postponed what was to be its sixth offering of commercial mortgage-backed securities.
Kenneth Bacon, the agency's director of securitization, said its officials did not want to launch RTC Series 1992-C6 before a complete "red herring" disclosure could be distributed.
The RTC had pushed to have a mortgage-backed securities deal about every month since the commercial "Ritzy Mae" program began in February. It has only missed in May.
The $887 million RTC Series 1992-C5 was priced in July; the $942 million Series 1992-C4 was priced in June.
The sixth commercial Ritzy Mae issue, believed to be about the same size as June's C4, was expected to be launched around Aug. 21 by lead manager Morgan Stanley & Co., according to an official at a major Wall Street firm.