Overview

PUMA Masterfund S-8 RMBS private placement

19 March 2010

Macquarie Securitisation Limited (MSL), the manager of the PUMA residential mortgage backed securitisation program, today announced that it has priced a $A1,198.3 million PUMA Masterfund S-8 bond issue.

The transaction is an agreed restructure of an existing externally provided mortgage warehouse facility into term securities which have been privately placed.

The Class A-1 senior notes, to be rated AAA by Standard & Poor’s Ratings Group, with a face value of $A119.8 million and a weighted average life of approximately 0.2 years, were priced at a margin of 0.80 per cent (80 basis points) over 1-month BBSW. The Class A-2 senior notes, to be rated AAA by Standard & Poor’s Ratings Group, with a face value of $A898.7 million and a weighted average life of approximately 2.9 years, were priced at a margin of 1.65 per cent (165 basis points) over 1-month BBSW. The issue also included $A119.8 million Class AB notes and $A60m Class B subordinated notes. Macquarie Debt Markets was the sole lead manager and arranger for the issue. The issue will settle on 19 March, 2010.

The PUMA S-8 bond issue is collateralised by a pool of mortgage loans with a weighted average current loan-to-value ratio of 72% and a weighted average seasoning of 40 months. 54% of the loans supporting the issue are fully verified income loans ("full doc"), whilst 46% of the loans are stated income or stated serviceability loans ("low doc"). All of the loans have the benefit of mortgage insurance covering 100 per cent of principal and interest, provided by either Genworth Financial Mortgage Insurance, PMI Mortgage Insurance or Vero Lenders Mortgage Insurance Limited. Macquarie Securitisation Limited.

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 $A40.4 billion in 44 separate issues since 1993, involving 31 public issues in Australia, 5 public issues in the European markets, 6 global issues and 2 private placements.

For inquiries please contact

Media queries - Paula Hannaford (61 2) 8232 4102
Investor queries - Karen Khadi (61 2) 8232 3548
Debtholder queries - Kevin Lee
- Matthew O’Hare
(61 2) 8232 8577 / (61) 404 857 206
(61 2) 8237 3481 / (61) 404 870 825

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.

Other than Macquarie Bank Limited ABN 46 008 583 542 (MBL), any Macquarie Group entity noted on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). That entity’s obligations do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.

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 Issurance under the PUMA Programme

FUND ISSUE SIZE (AUD) ISSUE DATE SENIOR RATING WAMOT * (Basis Points)
Sub Fund 1 $116 million June 1993 AAA/Aaa -
Sub Fund 2 $ 42 million March 1994 AA+/Aaa -
Sub Fund P-1 $200 million December 1994 AAA/Aaa 60.2
Sub Fund P-2 $300 million February 1995 AAA/Aaa 57.2
Sub Fund P-3 $700 million June 1995 AAA/Aaa 49.0
Masterfund P-4 Series A $600 million October 1995 AAA/Aaa 33.8
Masterfund P-4 Series B $250 million December 1995 AAA/Aaa 30.6
Masterfund P-5 Series A $800 million May 1996 AAA/Aaa 32.3
Masterfund P-5 Series B $500 million September 1996 AAA/Aaa 21.3
Masterfund P-6 Series A $500 million February 1997 AAA/Aaa 16.6
Masterfund E-1 Series 1 $912 million
(US$700 million)
March 1997 AAA/Aaa 11.3 over
USD LIBOR
Masterfund P-6 Series B $500 million June 1997 AAA/Aaa 16.8 over BBSW
Masterfund E-2 Series 1 $1,322 million
(US$900 million)
December 1997 AAA/AAA/Aaa 17.2 over
USD LIBOR
Masterfund E-2 Series 2 $725 million
(US$450 million)
August 1998 AAA/AA/ Aaa 11.2 over
USD LIBOR
Masterfund E-3 Series 1 $1,290 million
(US$800 million)
March 1999 AAA/Aaa 27.3 over
USD LIBOR
Masterfund E-3 Series 2 $751 million
(US$500 million)
July 1999 AAA/AA/ Aaa 27.8 over
USD LIBOR
Masterfund P-7 Series A $750 million February 2000 AAA/Aaa 37.7 over BBSW
Global Trust No. 1 $2,344 million
(US$1,200 million)
September 2001 AAA/AA/ Aaa 22.03 over
USD LIBOR
Global Trust No. 2 $1,802 million
(US$1,000 million)
June 2002 AAA/AAA/Aaa 15.48 over
USD LIBOR
Masterfund P-8 Series A $750 million October 2002 AAA/Aaa 37.5 over BBSW
Global Trust No. 3 $1,793 million
(US$1,000 million)
January 2003 AAA/AA/Aaa 22.28 over USD LIBOR
Masterfund P-8 Series B $700 million July 2003 AAA/Aaa 35.2 over BBSW
Global Trust No. 4 $1,904 million
(US$1,200 million)
August 2003 AAA/Aaa 18.86 over
USD LIBOR
Masterfund P-9 Series A $700 million October 2003 AAA/Aaa 37.6 over BBSW
Global Trust S-1 $1,571 million
(US$1,100 million)
June 2004 AAA/Aaa 24.86 over
USD LIBOR
Masterfund P-10 Series A $1,000 million July 2004 AAA/Aaa 27.5 over BBSW
Masterfund P-10 Series B $750 million October 2004 AAA/Aaa 29.3 over BBSW
Masterfund P-10 Series C $750 million February 2005 AAA/Aaa 18.9 over BBSW
Masterfund S-2 Series A $1,000 million May 2005 AAA/Aaa 23.4 over BBSW
Masterfund P-11 Series A $1,600 million August 2005 AAA/Aaa 21.5 over BBSW
Masterfund P-11 Series B $1,250 million November 2005 AAA/Aaa 17.4 over BBSW
Masterfund P-12 Series A $1,400 million April 2006 AAA/Aaa 15.3 over BBSW
Masterfund S-3 Series A $1,000 million June 2006 AAA/Aaa 18.7 over BBSW
Masterfund P-12 Series B $1,000 million July 2006 AAA/Aaa 17.4 over BBSW
Global Trust No. 5 $3,311m
(US$1,650 million
A$ 487 million
EUR 400 million)
November 2006 AAA/Aaa
AAA/Aaa
AAA/Aaa
7.0 over LIBOR
17.0 over BBSW
10.0 over EURIBOR
Masterfund S-4 $800 million March 2007 AAA/Aaa 18.4 over BBSW
Masterfund H-1 $750 million June 2007 AAA/Aaa 20.0 over BBSW
Masterfund P-13 $500 million September 2007 AAA/Aaa 42.3 over BBSW
Masterfund S-5 $350 million November 2007 AAA/Aaa 64.2 over BBSW
Masterfund P-14 ** $540 million June 2008 AAA/Aaa undisclosed
Masterfund S-6 $300 million June 2008 AAA/Aaa 180 over BBSW
Masterfund P-15 $315 million July 2008 AAA/Aaa 110 over BBSW
Masterfund S-7 $700 million July 2008 AAA/Aaa 180 over BBSW
Masterfund S-8 ** $1,198 million March 2010 AAA/Aaa undisclosed
Total PUMA Issuance $ 40.3 billion      

* Weighted Average Margin Over Time
** Privately placed