Overview

Macquarie prices $A750 million PUMA Masterfund P-16 RMBS transaction

26 August 2010

The $A78.7 million Class A-1 senior notes, to be rated Aaa (sf) by Moody’s Investors Service and AAA sf by Fitch Ratings, with a weighted average life of approximately 0.3 years, were priced at a margin of 0.60 per cent (60 basis points) over 1-month BBSW.

The A$360.0 million Class A-2 senior notes, to be rated Aaa (sf) by Moody’s Investors Service and AAA sf by Fitch Ratings, with a weighted average life of approximately 1.8 years, were priced at a margin of 1.00 per cent (100 basis points) over 1-month BBSW.

The A$247.5 million Class A-3 senior notes, to be rated Aaa (sf) by Moody’s Investors Service and AAA sf by Fitch Ratings, with a weighted average life of approximately 6.3 years, were priced at a margin of 1.15 per cent (115 basis points) over 1-month BBSW. This tranche was purchased by the Australian Office Of Financial Management.

The A$45.0 million Class AB mezzanine notes are to be rated AAA sf by Fitch Ratings, with a weighted average life of approximately 5.3 years. The $A18.8 million Class B subordinated notes, are to be rated A+ sf by Fitch Ratings and also have a weighted average life of approximately 5.3 years.

The PUMA P-16 bond issue is collateralised by a pool of mortgage loans with a weighted average current loan-to-value ratio of 65 per cent and a weighted average seasoning of 65 months. The pool consists entirely of fully verified income (“full doc”) loans. All loans have the benefit of mortgage insurance covering 100 per cent of principal and interest on the loans, provided by either Genworth Financial Mortgage Insurance, Genworth Financial Mortgage Indemnity or QBE Lenders’ Mortgage Insurance.

Macquarie Bank is the arranger for the issue and Macquarie Bank, Commonwealth Bank and Deutsche Bank are the joint lead managers. The issue will settle on 2 September, 2010.

 

About Macquarie Securitisation Limited

As manager of the PUMA Program, Macquarie Securitisation Limited is a leading Australian issuer of residential mortgage-backed securities. It has raised a total of $A41.1 billion in 45 separate issues since 1993, involving 34 public issues in Australia, five public issues in the European markets and six global issues.

For inquiries please contact

Frank Ganis, Banking & Financial Services, Macquarie Group Limited (+61 2) 8232 3071
Kevin Lee, Debt Origination & Structuring, Macquarie Group Limited (+61 2) 8232 8577
Paula Hannaford, Corporate Communications, Macquarie Group Limited (+61 2) 8232 4102

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.

 

Macquarie Securitisation Issuance under the PUMA Programme

FUND

ISSUE SIZE (AUD)

ISSUE DATE

Sub Fund 1

$116 million

June 1993

Sub Fund 2

$ 42 million

March 1994

Sub Fund P-1

$200 million

December 1994

Sub Fund P-2

$300 million

February 1995

Sub Fund P-3

$700 million

June 1995

Masterfund P-4 Series A

$600 million

October 1995

Masterfund P-4 Series B

$250 million

December 1995

Masterfund P-5 Series A

$800 million

May 1996

Masterfund P-5 Series B

$500 million

September 1996

Masterfund P-6 Series A

$500 million

February 1997

Masterfund E-1 Series 1

$912 million
(US$700 million)

March 1997

Masterfund P-6 Series B

$500 million

June 1997

Masterfund E-2 Series 1

$1,322 million
(US$900 million)

December 1997

Masterfund E-2 Series 2

$725 million
(US$450 million)

August 1998

Masterfund E-3 Series 1

$1,290 million
(US$800 million)

March 1999

Masterfund E-3 Series 2

$751 million
(US$500 million)

July 1999

Masterfund P-7 Series A

$750 million

February 2000

Global Trust No. 1

$2,344 million
(US$1,200 million)

September 2001

Global Trust No. 2

$1,802 million
(US$1,000 million)

June 2002

Masterfund P-8 Series A

$750 million

October 2002

Global Trust No. 3

$1,793 million
(US$1,000 million)

January 2003

Masterfund P-8 Series B

$700 million

July 2003

Global Trust No. 4

$1,904 million
(US$1,200 million)

August 2003

Masterfund P-9 Series A

$700 million

October 2003


FUND

ISSUE SIZE (AUD)

ISSUE DATE

Global Trust S-1

$1,571 million
(US$1,100 million)

June 2004

Masterfund P-10 Series A

$1,000 million

July 2004

Masterfund P-10 Series B

$750 million

October 2004

Masterfund P-10 Series C

$750 million

February 2005

Masterfund S-2 Series A

$1,000 million

May 2005

Masterfund P-11 Series A

$1,600 million

August 2005

Masterfund P-11 Series B

$1,250 million

November 2005

Masterfund P-12 Series A

$1,400 million

April 2006

Masterfund S-3 Series A

$1,000 million

June 2006

Masterfund P-12 Series B

$1,000 million

July 2006

Global Trust No. 5

$3,311m
(US$1,650 million
A$ 487 million
EUR 400 million)

November 2006

Masterfund S-4

$800 million

March 2007

Masterfund H-1

$750 million

June 2007

Masterfund P-13

$500 million

September 2007

Masterfund S-5

$350 million

November 2007

Masterfund P-14*

$540 million

June 2008

Masterfund S-6

$300 million

June 2008

Masterfund P-15

$315 million

July 2008

Masterfund S-7

$700 million

July 2008

Masterfund S-8*

$1,198 million

March 2010

Masterfund P-16

$750 million

September 2010

Total PUMA Issuance

$ 41.1 billion

 

* Privately placed