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Arranger and Lead Manager, National Australia Bank Limited, has today launched an A$600 million Mortgage-Backed Pass-Through Floating Rate Bond issue for the Superannuation Members' Home Loans Securitisation Fund 2003-1 ("SMHL SF2003-1").
On the Issue Date, Perpetual Trustees Australia Limited, as trustee of SMHL SF2003-1, will issue three classes of bonds totalling A$600 million secured by a pool of prime residential mortgages:
| Class |
Issue Size (A$m) |
Preliminary Ratings
S&P/Moody's |
Pricing Range |
Legal Maturity |
Expected Maturity |
Weighted Average Life |
| A-1 |
180.0 |
AAA/Aaa |
3m BBSW + mid 20's |
Nov-29 |
Nov-04 |
0.64 |
| A-2 |
409.2 |
AAA/Aaa |
3m BBSW + 34-37 |
Nov-29 |
Aug-09 |
3.26 |
| B |
10.8 |
AA/Aa2 |
3m BBSW + N/A |
Nov-29 |
Aug-09 |
6.04 |
Pricing is expected to occur on Monday, 14 July 2003, with settlement expected to occur on Thursday, 17 July 2003.
Since SMHL's last domestic issue, which occurred in December 2001, Members Equity Pty Limited has undertaken two global transactions, totalling US$2.4 billion. Since December 2001, Members Equity Pty Limited has also undertaken A$610 million in domestic issuance for the National Mutual Home Loans residential mortgage-backed programme.
As at the cut-off date of 20 June 2003, the SMHL SF2003-1 issue represents a geographically diverse pool, with a low weighted average current loan to value ratio of 65.39% and an average seasoning of 10 months.
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