Firstmac Bond Series 2-2005 $600 million mortgage backed securitisation issue prices today

14 July 2005

Macquarie Debt Markets announced today that it has priced the Firstmac 2-2005 residential mortgage backed securitisation issue that was recently launched by the First Mortgage Group.

Macquarie is arranger and lead manager of the transaction and Australia and New Zealand Banking Group Limited and HSBC plc are co managers.

Pricing is as follows:

Class Size $M Interest Rate Option Expected Rating (S&P/ Fitch / Moody's) WAL (years) Margin * (bps)
A1 552 Floating AAA/AAA/Aaa 2.75 25
AB 31.5 Floating AAA/AAA/Aa1 2.75 27
B 16.5 Floating AA/AA** 5.50 39

* Over 30 days BBSW
**S&P and Fitch only

Teresa Neal, Associate Director of Macquarie Bank Debt Markets said "We are pleased with the results of the transaction. This was FirstMac's second outing to the debt capital markets this year and there was continued good investor demand for its paper. As with previous transactions, investors welcomed the robust credit support structure offered to the Class A1 Notes and the pick up in yield available on the Class AB Notes. As a result, the Class A1 Notes were one and a half times oversubscribed and the Class AB Notes were more than twice oversubscribed at the clearing level. We also saw a good spread of investors on the Class B Notes.

Around 20 investors participated in the transaction and approximately 35% of the issue was placed offshore, split evenly between Asia and Europe."

The issue will settle on 26 July 2005.

For further information, please contact:

Teresa Neal
Associate Director
Debt Finance
Tel: (612) 8232 3844

Contact us

Please email us for all media enquiries