Press Release

PUMA Masterfund S-8 RMBS private placement

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.

 

Macquarie Securitisation Issurance under the PUMA Programme

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FUNDISSUE SIZE (AUD)ISSUE DATESENIOR RATINGWAMOT* (Basis Points)
Sub Fund 1$116 millionJune 1993AAA/Aaa-
Sub Fund 2$42 millionMarch 1994AA+/Aaa-
Sub Fund P-1$200 millionDecember 1994AAA/Aaa60.2
Sub Fund P-2$300 millionFebruary 1995AAA/Aaa57.2
Sub Fund P-3$700 millionJune 1995AAA/Aaa49.0
Masterfund P-4 Series A$600 millionOctober 1995AAA/Aaa33.8
Masterfund P-4 Series B$250 millionDecember 1995AAA/Aaa30.6
Masterfund P-5 Series A$800 millionMay 1996AAA/Aaa32.3
Masterfund P-5 Series B$500 millionSeptember 1996AAA/Aaa21.3
Masterfund P-6 Series A$500 millionFebruary 1997AAA/Aaa16.6
Masterfund E-1 Series 1$912 million (US$700 million)March 1997AAA/Aaa11.3 USD LIBOR
Masterfund P-6 Series B$500 millionJune 1997AAA/Aaa16.8 over BBSW
Masterfund E-2 Series 1$1,322 million (US$900 million)December 1997AAA/AAA/Aaa17.2 over USD LIBOR
Masterfund E-2 Series 2$725 million (US$450 million)August 1998AAA/AA/Aaa11.2 over USD LIBOR
Masterfund E-3 Series 1$1,290 million (US$800 million)March 1999AAA/Aaa27.3 over USD LIBOR
Masterfund E-3 Series 2$751 million (US$500 million)July 1999AAA/AA/Aaa27.8 over USD LIBOR
Masterfund P-7 Series A$750 millionFebruary 2000AAA/Aaa37.7 over BBSW
Global Trust No. 1 $2,344 million (US$1,200 million)September 2001AAA/AA/Aaa22.03 over USD LIBOR
Global Trust No. 2$1,802 million (US$1,000 million)June 2002AAA/AAA/Aaa15.48 over USD LIBOR
Masterfund P-8 Series A$750 millionOctober 2002AAA/Aaa37.5 over BBSW
Global Trust No. 3
$1,793 million (US$1,000 million)January 2003AAA/AA/Aaa22.28 over USD LIBOR
Masterfund P-8 Series B$700 millionJuly 2003AAA/Aaa35.2 over BBSW
Global Trust No. 4$1,904 million (US$1,200 million)August 2003AAA/Aaa18.86 over USD LIBOR
Masterfund P-9 Series A$700 millionOctober 2003AAA/Aaa37.6 over BBSW
Global Trust S-1$1,571 million (US$1,100 million)June 2004AAA/Aaa24.86 over USD LIBOR
Masterfund P-10 Series A
$1,000 millionJuly 2004AAA/Aaa27.5 over BBSW
Masterfund P-10 Series B
$750 millionOctober 2004AAA/Aaa29.3 over BBSW
Masterfund P-10 Series C
$750 millionFebruary 2005AAA/Aaa18.9 over BBSW
Masterfund S-2 Series A$1,000 millionMay 2005AAA/Aaa23.4 over BBSW
Masterfund P-11 Series A$1,600 millionAugust 2005AAA/Aaa21.5 over BBSW
Masterfund P-11 Series B$1,250 millionNovember 2005AAA/Aaa17.4 over BBSW
Masterfund P-12 Series A$1,400 millionApril 2006AAA/Aaa15.3 over BBSW
Masterfund S-3 Series A$1,000 millionJune 2006AAA/Aaa18.7 over BBSW
Masterfund P-12 Series B$1,000 millionJuly 2006AAA/Aaa17.4 over BBSW
Global Trust No. 5$3,311 million (US$1,650 million
A$487 million
EUR 400 million)
November 2006AAA/Aaa
AAA/Aaa
AAA/Aaa
7.0 over LIBOR
17.0 over BBSW
10.0 over EURIBOR
Masterfund S-4$800 millionMarch 2007AAA/Aaa18.4 over BBSW
Masterfund H-1$750 millionJune 2007AAA/Aaa20.0 over BBSW
Masterfund P-13$500 millionSeptember 2007AAA/Aaa42.3 over BBSW
Masterfund S-5$350 millionNovember 2007AAA/Aaa64.2 over BBSW
Masterfund P-14*$540 millionJune 2008AAA/Aaaundisclosed
Masterfund S-6$300 millionJune 2008AAA/Aaa180 over BBSW
Masterfund P-15$315 millionJuly 2008AAA/Aaa110 over BBSW
Masterfund S-7$700 millionJuly 2008AAA/Aaa180 over BBSW
Masterfund S-8*$1,198 millionMarch 2010AAA/Aaaundisclosed
Total PUMA Issuance$40.3 billion   

* Weighted Average Margin Over Time
** Privately placed

 

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