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Home» About Macquarie Group» News & announcements» Archive 2004» Macquarie prices A$750 million PUMA P-10B RMBS transaction

News & announcements

Macquarie prices A$750 million PUMA P-10B RMBS transaction

29 September 2004

Macquarie Securitisation Limited, the manager of the PUMA residential mortgage backed securitisation programme, announced that the A$750m PUMA Masterfund P-10 Series B bond issue priced yesterday. The transaction is Macquarie’s second Australian-dollar denominated issue and third issue for 2004. The issue was initially expected to price on 29 September.

Macquarie Securitisation’s Treasurer Matthew O’Hare said the PUMA Masterfund P-10 Series B bond issue is the second series of bonds issued from PUMA Masterfund P-10, the first being the A$1,000m Series A issue in July 2004. 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$735 million were priced at a margin of 0.28 per cent (28 basis points) over 1-month BBSW. The Class B subordinated notes, to be rated AA- by Standard & Poor’s and Aa3 by Moody’s, with a face value of A$15 million, representing 2.0 per cent subordination, will carry a margin of 0.52 per cent (52 basis points) over 1-month BBSW.

Macquarie Securitisation’s Treasurer Matthew O’Hare said he was pleased with the outcome of the issue, particularly in light of the high volume of recent bond issues. “We were particularly pleased that interest in the issue was shown by both domestic and offshore investors, and that a number of investors who participated in the P-10 Series A issue in July 2004 again participated in this issue.”

Macquarie Debt Markets and Deutsche Bank AG were joint lead managers and book runners to the issue. The issue will settle on October 6, 2004.

Through the PUMA Programme, Macquarie has raised a total of A$23.6 billion in 25 separate issues since 1993, involving 17 public issues in Australia, five public issues in the Euro markets and five global issues, making Macquarie the largest issuer of mortgage backed securities in Australia.

For further information, please call:

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

Matthew Russell
Public Relations
Macquarie Bank Limited
Tel: (612) 8232 4102
Mobile: (614) 1069 9532

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 Securitisation Issuance under the PUMA Programme (pdf 9KB)

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