About Us > Media Centre > Media Releases/ASX Announcements > Media releases / ASX announcements 2003 > Interstar Millennium Series 2003-2 issues A$500 million Mortgage-Backed Pass-Through Floating Rate N
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Interstar Millennium Series 2003-2 issues A$500 million Mortgage-Backed Pass-Through Floating Rate Notes - 05 May 2003
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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.
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