Macquarie Securitisation launches A$1 billion PUMA P-12 Series A bond issue

03 April 2006

Macquarie Securitisation Limited, the manager of the PUMA residential mortgage backed securitisation programme, announced today the launch of an A$1 billion bond issue to be known as PUMA Masterfund P-12 Series A.

Macquarie Securitisation’s Treasurer Matthew O’Hare said the PUMA Masterfund P-12 Series A bonds will be issued in two tranches: one floating rate senior tranche and one floating rate subordinated tranche.  The Class A senior notes will have a face value of A$980 million and a weighted average life of approximately 2.6 years and are expected to be rated AAA by Standard & Poor’s Ratings Group and Aaa by Moody’s Investors Service.  The Class B subordinated notes will have a face value of A$20 million, representing 2.0 per cent subordination, and a weighted average life of approximately 6.0 years and are expected to be rated AA by Standard & Poor’s and Aa2 by Moody’s.  Both tranches will carry a floating rate of interest and will be priced at a margin above the one month bank bill rate.

Mr O’Hare said: “The P-12 bond issue will be collateralised by a pool of mortgage loans with a weighted average current loan to value ratio of 73 per cent and a weighted average seasoning of 15 months.  There are no stated income (or ‘low doc’) loans in the P-12 pool.  The loans carry primary mortgage insurance provided either by the Commonwealth of Australia, Genworth Financial Mortgage Insurance or PMI Mortgage Insurance. The bonds will be exempt from interest withholding tax.”

Macquarie Bank Limited Debt Markets Division and Deutsche Bank AG are joint lead managers and book runners to the issue. PUMA Masterfund P-12 Series A will be marketed to institutional investors commencing April 3 and is expected to price on or about April 12, 2006.

As manager of the PUMA Programme, Macquarie Securitisation Ltd has raised a total of A$28.2 billion in 31 separate issues since 1993, involving 21 public issues in Australia, 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

Belinda Allchin
Media Relations
Macquarie Bank Limited
Tel: (612) 8232 3294

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.