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Firstmac bond Series 1-2005 $520 million Mortgage Backed Securitisation issue prices today

18 March 2005

Macquarie Debt Markets announced today that it has priced the Firstmac 1-2005 residential mortgage backed securitisation issue that was recently launched by the First Mortgage Group.

The issue, which was due to price on or around 22 March closed early, due to  strong oversubscription.

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

The issue was backed by a pool of 100% self certified loans.  This is the first such AUD transaction to be completed in 2005.

Pricing is as follows:

 Class  Size $m Interest Rate
Option		 Expected Rating
(S&P / Moody's)		 WAL
(years)		 Margin
(bps)
A1-1 340.5 Floating AAA/ Aaa 2.51 23*
A1-2 120 Floating AAA/Aaa 2.51 15.5**
AB 43.5 Floating AAA*** 2.51 29*
B 16 Floating AA*** 5.07 49*

* over 30 day BBSW
** over 30 day AUD LIBOR
***S&P only

Teresa Neal, Associate Director of Macquarie Bank Debt Markets said “We are delighted with the results of the transaction.  Investors particularly welcomed the robust credit support structure and the issue was therefore very well received.  All classes of Notes were heavily oversubscribed, with the book being twice oversubscribed at the clearing level.   As a result, pricing for all Classes  was below  expectations.

Around 20 investors participated in the transaction and approximately 50% of the issue was placed offshore, largely to Europe.

We were pleased to see continued strong appetite for the AUD Libor tranche, adding diversity to FirstMac’s investor base.”

The issue will settle on 29 March 2005.

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