15 April 2005
Macquarie Debt Markets announced today that Members Equity Bank’s Superannuation Members Home Loans Securitsation Fund 2005-2 issue, priced today.
The issue, which was A$750 million at launch, was upsized to A$1.1 billion due to strong oversubscription.
Macquarie is arranger and joint lead manager of the transaction and Credit Suisse First Boston Sydney Branch is joint lead manager. National Australia Bank and Societe Generale Australia Branch are co-managers.
This is the second transaction to be completed in 2005 out of the Superannuation Members Home Loans securitsation programme.
Pricing is as follows:
|Class||Size AUD (M)||Interest Rate Option||Expected Rating (S&P/Moody's)||WAL (years)||Margin (bps)|
*over 30 day BBSW
As a result of the increase in issue size, additional mortgages will be transferred into the pool. New pool details (as at 23 March 2005) are as follows:
|Total Portfolio Size:||$1,099,999,896.22|
|Number of Loans:||8,221|
|Average Loan Size:||133,083.66|
|Weighted Average Current LVR:||64%|
|Average Seasoning:||11 months|
|Percentage of low documentation loans in the pool||0%|
Teresa Neal, Associate Director of Macquarie Bank Debt Markets said “We are delighted with the results of the transaction. Members Equity is a well known repeat issuer and a very well respected mortgage servicer. Investors particularly welcomed the conservative pool statistics and the issue was therefore very well received. Both classes of Notes were heavily oversubscribed at the clearing level. As a result, the size of the issue was increased to AUD1.1 billion. The Class A tranche at AUD1.079 billion, is the largest ever single tranche in an AUD securitisation issue, to date”.
Paul Garvey, Manager Capital Markets said ”Members Equity was extremely happy with the results of the transaction. A total of 28 Investors participated in the transaction across both domestic and global markets. With approximately 45% of the issue placed domestically, 35% placed to investors located in Asia and around 20% placed to investors located in Europe, showing that there continues to be strong demand for Australian RMBS”.
The issue will settle on 20 April 2005.
For further information, please contact:
Tel:(612) 8232 3844