Sydney, 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.
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.
|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 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||$3,311 million (US$1,650 million
EUR 400 million)
|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