About Us > Media Centre > Media Releases/ASX Announcements > Media releases / ASX announcements 2003 > National increases Interstar Millennium Series 2003-2 issue - 06 May 2003
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National increases Interstar Millennium Series 2003-2 issue - 06 May 2003
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Arranger and Lead manager, National Australia Bank Limited today increased the Interstar Millennium Series 2003-2 Mortgage-Backed Pass-Through Floating Rate Note issue launched yesterday from A$500 million to A$600 million, due to strong investor demand.
On the issue date, Perpetual Trustees Victoria Limited, as trustee of the Trust, will now issue four classes of notes totalling A$600 million secured by a pool of prime residential mortgages:
| Class |
Issue Size (A$) |
Preliminary Ratings S&P/Fitch |
Pricing Range |
Legal Maturity |
Expected Maturity |
Weighted Average Life |
| A2 |
120.0 |
AAA/AAA |
1mBBSW + 25-30 |
May-08 |
Nov-04 |
0.79 |
| A3 |
330.0 |
AAA/AAA |
1mBBSW + 36-39 |
May-25 |
May-09 |
3.54 |
| A4 |
120.0 |
AAA/AAA |
1mBBSW + 39-42 |
May-35 |
May-09 |
4.31 |
| B |
30.0 |
AA/AA |
1mBBSW + N/A |
May-35 |
May-09 |
6.00 |
The increased issue reduces the weighted average life of the Class A2 notes to 0.79 years and the Class A4 notes to 4.31 years, while the Class A3 notes weighted average life remains unchanged. The Class A2 note legal maturity remains unchanged at 5 years while the legal maturity of the Class A3 Notes increases from 20 years to 22 years.
Pricing is now expected to occur on 7 May 2003 with settlement on 14 May 2003.
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