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Australia's Liberty Financial prices multi-currency issue

31 March 2003

LONDON -   On 31 March 2003, Australia’s leading non-conforming lender, Liberty Financial, priced its pioneering $A400 million multi-currency mortgage backed securities (MBS) issue, the Liberty Series 2003-1 Trust.  This transaction was arranged by Lead Manager, Macquarie Debt Markets with international and domestic participation from Co Managers, The Royal Bank of Scotland plc and Deutsche Bank AG, Sydney Branch.

The pricing levels for the Liberty Series 2003-1 Trust issue are as follows:

Class of
Notes 		Amount
($m) 		Expected Rating
(S&P/Moody’s) 		Average Life Issue
Margins

A1

$A150.0

AAA/Aaa

0.84 yrs

1 mth BBSW + 0.37%

A2a

$US100.0

AAA/Aaa

2.56 yrs

1 mth Libor + 0.58%

A2b

$A48.0

AAA/Aaa

2.56 yrs

1 mth BBSW + 0.53%

B & C

$A36.0

Private

3.30 yrs

Undisclosed

Total

$A400.0

 

 

 

This innovative transaction is the first Australian non-conforming issue to be listed in Europe and offered to investors in Europe and Asia with tranches in $US and $A.

Liberty is the dominant non-conforming MBS issuer in Australia, now accounting for $A1.7B, or over 75%, of the total Australian non-conforming MBS market.  This is Liberty’s sixth public securitisation of non-conforming MBS.

The support of European investors during the current period of international market volatility is a strong endorsement of Liberty’s leading status in the Australian market. The issue presented not only a new issuer to the international markets, but a new asset class in Australian non-conforming MBS. Liberty’s portfolio performance compares favourably to its United Kingdom counterparts.

For further information, please contact:

Rupert Haywood
Associate Director – Debt Markets
Macquarie Bank Limited (London)
Tel: +44 (0) 20 7065 2101
Mob: +44 (0) 7876 780 283

Kevin Lee
Division Director – Debt Markets
Macquarie Bank Limited
Tel: +612  8232 8577
Mob:  +61 (0)404 857 206

Sherman Ma
Managing Director
Liberty Financial
Tel: +613 8635 9900
Mob: +61 (0)401 693 000

Alison Jefferis
Corporate Communications
Macquarie Bank
Tel: +44 (0)20 7065 2335
Mob: (0)79 1938 2958

Lisa Jamieson
Public Relations Manager
Macquarie Bank Limited
Tel: +612 8232 6016

About Liberty Financial
Liberty Financial, established in 1997 and with over 170 staff, operates throughout Australia and New Zealand.  Liberty Financial has pioneered the non-conforming market in the region and has helped more than 10,000 customers realise their home ownership goals.  Non-conforming lending is a specialised segment of the consumer finance market, providing alternative financing products to consumers who may fall outside the lending guidelines of traditional lenders such as banks but on better terms than prevailing alternatives.

More information: www.libfin.com.au
  Important Information
© 2002-2007 Macquarie Group
 

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.

Macquarie Europe Limited is a private limited company registered in England and Wales with company number 03704031. Registered office: Level 30 Citypoint, 1 Ropemaker Street, London EC2Y 9HD.