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APOLLO Series 2004-2 Trust $700 million mortgage backed securitisation issue launches today |
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30 August 2004 Macquarie Debt Markets announced today that the Suncorp-Metway Limited sponsored APOLLO MBS Programme has launched a $700 million residential mortgage backed securitisation issue. This is the seventh issue of the very successful APOLLO MBS programme. Macquarie is Arranger and Joint-Lead Manager for the transaction. ABN AMRO is acting as Joint-Lead Manager. As with previous issues, Suncorp-Metway Limited is the originator and servicer of the mortgage portfolio. The trustee of the APOLLO Series 2004-2 Trust, Perpetual Trustee Company Limited, is the issuer of the mortgage backed securities. Standard & Poor’s and Moody’s will each assign ratings to the issued securities. As at 20 August 2004, the mortgage portfolio had the following characteristics1:
The APOLLO Series 2004-2 Trust issue comprises the following securities, each with a Final Maturity Date of 22 October 2035:
Mr Kevin Lee, Division Director Debt Finance, at Macquarie said: “We are pleased to be acting as arranger and joint-lead manager for the seventh issue from the APOLLO MBS programme. As a well established and consistent issuer we expect the issue to be widely supported by investors. Particularly attractive features of the underlying mortgage portfolio include a bank originated and serviced portfolio, zero low documentation loans, high loan seasoning and a low proportion of investor loans. The transaction has also been conservatively structured with a level of subordination from Class B Notes which is sufficient to ensure that the ratings of the Class A Notes would survive a simultaneous 1 rating category downgrade (S&P) and 4 notch downgrade (Moody’s) of the ratings of the mortgage insurer of the portfolio, PMI Mortgage Insurance Limited. Accordingly, in keeping with previous APOLLO issues, we expect the APOLLO Series 2004-2 Trust issue to be warmly received by investors.” The issue is expected to price on or before 10 September 2004. 1 Please note that these statistics are not based on the final pool cut for the transaction. The final pool cut will be on 2 September 2004. For further information, please contact:
Kevin Lee
Chris Skilton
Matthew Russell
Rowan Harry
Mathew Sullivan |
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policy ©2004 Macquarie Bank Limited ABN 46 008 583 542 |
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Where we provide any advice on this website, it has been prepared without considering your objectives, financial situation or needs. Before acting on any advice on this website, you should consider its appropriateness to your circumstances and, if a current offer document is available, read the offer document before acquiring products named on this website. Past performance of any product described on this site is not a reliable indication of future performance. Any Macquarie subsidiary noted on this page is
not an authorised deposit-taking institution for the purposes of the Banking
Act (Cwth) 1959. That subsidiary's obligations do not represent deposits
or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL).
MBL does not guarantee or otherwise provide assurance in respect of the
obligations of that subsidiary, unless noted otherwise. |
