11 April 2006
Macquarie Securitisation Limited, the manager of the PUMA residential mortgage backed securitisation programme, today announced that it has priced and increased the PUMA Masterfund P-12 Series A bond issue to A$1.4 billion from the A$1 billion being targeted at launch. The transaction is Macquarie's first RMBS issue for 2006 and its thirty-second overall. The issue was initially expected to price on 12 April 2006.
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$1,372 million (originally A$980 million) and a weighted average life of approximately 2.6 years, were priced at a margin of 0.15 per cent (15 basis points) over 1-month BBSW. The Class B subordinated notes, to be rated AA by Standard & Poor's and Aa2 by Moody's, with a face value of A$28 million (originally A$20 million), representing 2.0 per cent subordination, and a weighted average life of approximately 6.0 years will carry a margin of 0.21 per cent (21 basis points) over 1-month BBSW.
Macquarie Securitisation's Treasurer Mr Matthew O'Hare said: "This transaction again received very strong support from the global investor community, with a good spread of investors across Australia, New Zealand, Asia and Europe. A total of 31 investors participated in the issue with approximately 66 per cent of the orders by dollar value from investors in Australia and New Zealand, 18 per cent from Europe and 16 per cent from the Asian region. We are very appreciative of the support that onshore and offshore investors continue to provide to the Macquarie PUMA programme and to the Australian RMBS sector generally. In line with investor preferences, we decided to increase the size of the transaction in order to allow better allocations of the bonds to investors. At a weighted average margin over time of 15.3 basis points, this transaction achieved the lowest cost of funds over BBSW for PUMA since the inception of the programme in 1993."
Macquarie Bank Limited Debt Markets Division and Deutsche Bank AG were joint lead managers and book runners to the issue. The issue will settle on April 20, 2006.
As manager of the PUMA Programme, Macquarie Securitisation Ltd has raised a total of A$29.6 billion through 32 separate issues since 1993, involving 22 public issues in Australian dollars, 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:
Head of Funding
Macquarie Securitisation Limited
Tel: (612) 8232 3481
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.