Sydney, 06 February 2014
Macquarie Group Limited today announced that the PUMA Series 2014-1 Trust, a securitisation of residential mortgages, has priced.
The $A1,400 million PUMA Series 2014-1 Trust comprises the following securities:
|Class||Expected Rating (S&P/Fitch)||Size||Expected Average Life (yrs)||Credit support||Margin (Benchmark)|
|A||AAA(sf) / AAAsf||$A1,288m||2.7||8%||BBSW+0.90%|
|B1*||AAA(sf) / -||$A84m||5.0||2%||Not disclosed|
|B2*||Not rated||$A28m||9.5||n/a||Not disclosed|
* The Class B1 and B2 Notes were retained
The transaction was upsized from a launch volume of $A500 million due to strong investor demand. A total of 31 investors participated in the issue, with approximately 50% of the Class A Notes placed to offshore investors.
Macquarie Bank Limited is the originator of the assets. Macquarie Securitisation Limited is the servicer of the portfolio and manager of the PUMA Program. The trustee of the PUMA Series 2014-1 Trust, Perpetual Limited, is the issuer of the mortgage-backed securities.
Macquarie Bank Limited is the arranger of the transaction. Macquarie Bank Limited, ANZ, NAB and JP Morgan Australia are the Joint Lead Managers. The issue is due to settle on 19 February 2014.