Macquarie prices record breaking a$1.6 billion PUMA P-11 Series A RMBS transaction

28 July 2005

Macquarie Securitisation Limited, the manager of the PUMA residential mortgage backed securitisation programme,announced that it has priced and upsized the PUMA Masterfund P-11 Series A bond issue to A$1.6 billion from the A$750 million being targeted at launch. The transaction is Macquarie's third RMBS issue for 2005, following the A$1 billion 100% stated income backed PUMA S-2 bond issue which priced in May and the A$750m PUMA P-10C issue which priced in February.

The Class A senior notes, to be rated AAA by Standard & Poor's Ratings Group and Aaa by Moody's Investors Service, with a face value of A$1,568 million (originally A$735 million) and a weighted average life of approximately 2.6 years, were priced at a margin of 0.21 per cent (21 basis points) over 1-month BBSW. The Class B subordinated notes, to be rated AA by Standard & Poor's and Aa2 by Moody's, with a face value of A$32 million (originally A$15 million), representing 2.0 per cent subordination, and a weighted average life of approximately 6.0 years will carry a margin of 0.33 per cent (33 basis points) over 1-month BBSW.

Macquarie Securitisation's Treasurer Mr Matthew O'Hare said "We are overwhelmed by the support shown by investors to this transaction, particularly given it has only been 2 months since our A$1bn PUMA S-2 bond issue. At A$1.6bn, P-11 Series A becomes the largest Australian dollar denominated RMBS bond issue of all time. We are very appreciative of the support investors continue to provide to the Macquarie PUMA programme."

A total of 41 investors participated in the issue. Approximately 42 per cent of the orders were from investors in Australia, 36 per cent from Europe and 22 per cent from the Asian region. "We were particularly pleased to see the participation in this issue of some investors who are new to the PUMA Program," Mr O'Hare added.

Macquarie Bank Limited Debt Markets Division and Deutsche Bank AG were joint lead managers and book runners to the issue. The issue will settle on August 4 2005.

As manager of the PUMA Programme, Macquarie Securitisation Ltd has raised a total of A$26.9 billion in 30 separate issues since 1993, involving 20 public issues in Australian dollars, five public issues in the Euro markets and five global issues, making the PUMA programme the largest issuer of mortgage backed securities in Australia.

For further information, please contact:

Matthew O'Hare
Head of Funding
Macquarie Securitisation Limited
Tel: (612) 8232 3481

Lisa Jamieson
Public Relations
Macquarie Bank Limited
Tel: (612) 8232 6016
Mobile: 0416 237 332

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.

Macquarie Bank Limited ABN 46 008 583 542 is authorized by The Australian Prudential Regulation Authority in the Commonwealth of Australia and The Financial Services Authority in the United Kingdom, to carry out banking business or to accept deposits in those respective jurisdictions. Macquarie Bank Limited and its related bodies corporate (the Macquarie Bank Group) are not otherwise currently authorised to carry out banking business or to accept deposits in any other countries.

Macquarie prices record breaking a$1.6 billion PUMA P-11 Series A RMBS transaction (pdf 55KB)

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