07 February 2005
Macquarie Securitisation Limited, the manager of the PUMA residential mortgage backed securitisation programme, announced today the launch of a A$500 million bond issue to be known as PUMA Masterfund P-10 Series C. This will be the third series of bonds issued from PUMA Masterfund P-10 and follows the A$1 billion Series A issue in July 2004 and the A$750 million Series B issue in October 2004.
Macquarie Securitisation’s Treasurer Matthew O’Hare said the PUMA Masterfund P-10 Series C bonds would be issued in two tranches: one floating rate senior tranche and one floating rate subordinated tranche. The Class A senior notes will have a face value of A$488.75 million and a weighted average life of approximately 2.3 years. They are expected to be rated AAA by Standard & Poor’s Ratings Group and Aaa by Moody’s Investors Service. The Class B subordinated notes will have a face value of A$11.25 million, with a weighted average life of approximately 5.3 years. They are expected to be rated AA- by Standard & Poor’s and Aa3 by Moody’s. After the issue of the Series C notes, the Class B notes of all series combined will represent subordination of 2.17 per cent. Both tranches will carry a floating rate of interest and will be priced at a margin above the one month bank bill rate.
“The P-10 bond issue will be collateralised by a combined pool of mortgage loans totalling $2.101 billion with a weighted average current loan to value ratio of 67 per cent and a weighted average seasoning of 30 months,” Mr O’Hare said. “There are no stated income (or ‘Low Doc’) loans in the P-10 pool. The loans carry primary mortgage insurance provided by either the Genworth Financial or PMI mortgage insurance groups. The bonds will be exempt from interest withholding tax.”
Macquarie Debt Markets and Deutsche Bank AG are joint lead managers and book runners to the issue. PUMA Masterfund P-10 Series C will be marketed to investors during the week commencing February 7 2004 and is expected to price on or about February 11 2004.
Through the PUMA Programme, Macquarie has raised a total of A$23.6 billion in 25 separate issues since 1993, involving 17 public issues in Australia, five public issues in the Euro markets and five global issues, making Macquarie the largest issuer of mortgage backed securities in Australia.
For further information please contact:
Head of Funding
Macquarie Securitisation Limited
Tel: (612) 8232 3481
Macquarie Bank Limited
Tel: (612) 8232 6016
This release is not an offer of securities for sale in the United States. The notes described above may not be offered or sold in the United States absent registration or an exemption from registration. No public offering of the notes is intended, and any public offering of the notes to be made in the United States would be made by means of a prospectus that may be obtained from the issuer and that will contain detailed information about the trust.
Macquarie Securitisation Limited is not an authorised deposit-taking institution for the purposes of the Banking Act (Cth) 1959, and Macquarie Securitisation Limited's obligations do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542. Macquarie Bank Limited does not guarantee or otherwise provide assurance in respect of the obligations of Macquarie Securitisation Limited.