National leads securitisation program for AMP Property Trusts - 29 August 2001

Wednesday, 29 August 2001

National Australia Bank, as Arranger and Lead Manager, is bringing to market Quay 62 Pty Limited, a multi-seller securitisation vehicle established to meet the securitisation needs of AMP Property Trusts.

Management, reporting and administration of the vehicle will be undertaken by AMP Henderson Global Investors.

Quay 62's first transaction, Series 2001-1, will be $110m 5-yr soft-bullet CMBS (commercial mortgage-backed securities) issued for AMP Industrial Trust.

The notes issued will be secured ultimately by the portfolio of properties owned by AMP Industrial Trust. The current portfolio of 26 properties, located throughout Australia, has a total market value of $454m, resulting in a very modest gearing level of 24.2% and therefore will be comfortably rated AAA by Standard & Poor's.

H?ƒ¼lya Yilmaz, Director of Global Securitisation at the National, said: "The low level of gearing the Issuer has targeted, combined with an extremely generous debt service coverage ratio, places this transaction in a class of its own."

The notes will be issued with either a fixed or floating coupon, depending on investor demand.

Pricing is scheduled for September 4 with settlement on September 7.

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