Interstar Millennium Series 2003-2 issues A$500 million Mortgage-Backed Pass-Through Floating Rate Notes - 05 May 2003
Monday, 5 May 2003
Arranger and Lead manager, National Australia Bank Limited today launched an A$500 million Mortgage-Backed Pass-Through Floating Rate Note issue for the Interstar Millennium Series 2003-2 Trust ("the Trust").
The Interstar Millennium Series 2003-2 Trust is a funding vehicle for the National's client, Interstar Securities (Australia) Pty Limited, one of Australia's largest independent non-bank mortgage loan wholesalers and loan investment managers.
On the issue date, Perpetual Trustees Victoria Limited, as trustee of the Trust, will issue four classes of notes totalling A$500 million secured by a pool of prime residential mortgages:
| Class | Issue Size (A$) | Preliminary Ratings S&P/Fitch | Pricing Range | Legal Maturity | Expected Maturity | Weighted Average Life |
| A2 | 125 | AAA/AAA | 1mBBSW + mid 20's | May-08 | Nov-05 | 0.96 |
| A3 | 340 | AAA/AAA | 1mBBSW + 36-39 | May-25 | May-09 | 3.52 |
| A4 | 110 | AAA/AAA | 1mBBSW + 39-42 | May-35 | May-09 | 4.65 |
| B | 25 | AA/AA | 1mBBSW + N/A | May-35 | May-09 | 6.00 |
Pricing is expected to occur on 8 May 2003 and settlement expected to occur on 14 May 2003.
The transaction is structurally innovative providing Class A2 and Class A3 noteholders with shorter legal maturities of 5 years and 20 years, respectively.
* The information contained in this media release is for media advice purposes only. The contents are true and correct at time of publishing/issuing, however may change over time. For further information about NAB products or rates, please go to Interest Rates, Fees & Charges
