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The National Australia Bank's first offering of mortgage backed securities was successfully completed today. The Class A notes totalling US$1059 million were priced at 3 month LIBOR + 19 basis points and were offered to a global pool of investors across the United States, Europe and Asia through lead managers National Australia Bank (London Branch), Deutsche Bank (book-runner) and JP Morgan. The Class B notes, totalling A$20 million were offered to Australian investors at 3 month BBSW + 52 basis points through the sole dealer, National Australia Securities Limited. "This transaction is a great success for the National. The issue was met with substantial investor interest and we are extremely pleased with the execution," said Richard McKinnon, Chief Financial Officer of the National Australia Bank. "We also achieved a distribution of investors in the United States, Europe and Asia. The pricing reflects the strength of the National as an issuer, the Group's mortgage securitisation experience through HomeSide and a recognition by investors of the quality of the National's mortgage loans," he said. The securities are represented by two classes of notes issued by The HomeSide Mortgage Securities Trust. HomeSide was acquired by the National in 1997 and is a leading mortgage originator and mortgage servicer in the United States. The Class A Notes are rated AAA/Aaa/AAA by Standard and Poors, Moody's and Fitch respectively, whilst the Class B notes are rated AA/Aa2/AA. A written prospectus related to the Class A Notes and Class B Notes and meeting the requirements of Section 10 of the U.S. Securities Act of 1933 may be obtained by contacting Deutsche Banc Alex. Brown
31 West 52nd Street
New York, New York 10019, USA Contact Details: Brandon Phillips
Mobile 0419 369 058
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