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Members Equity Bank announces $1 billion mortgage-backed securitisation issue |
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28 April 2006 Macquarie Debt Markets, a division of Macquarie Bank's Treasury and Commodities Group, today announced that Members Equity Bank's SMHL programme is launching an AUD1 billion residential mortgage-backed securitisation issue, called SMHL Securitisation Fund 2006-1. This issue - the sixteenth AUD denominated series from the highly regarded SMHL programme - is the first issue out of the programme for 2006. The Trustee is Perpetual Limited and ME Portfolio Management Limited is the Trust Manager. Members Equity Bank is the mortgage servicer. Macquarie is the arranger of the transaction and Macquarie Bank and Deutsche Bank AG are joint lead managers and joint bookrunners. ABN Amro Bank N.V. and Westpac are co-managers. It is expected that the Bonds will be rated by both Standard & Poor's and Moody's Investors Service. The structure will be as follows:
The transaction is structured so that the level of subordination is sufficient to withstand a one category ratings downgrade of Genworth Financial Mortgage Insurance Pty Limited (as the majority mortgage Insurer) by Standard & Poor's and a two-notch ratings downgrade by Moody's. As at 18 April 2006, the mortgage portfolio had the following characteristics:
The issue is expected to be priced on or around 9 May 2006, followed by settlement on 16 May 2006. For further information, please contact:
Kevin Lee
Teresa Neal |
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| Important
information | Privacy
policy 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. |
