Superannuation Members' Home Loans Securitisation Fund 2003-1 Bond issue prices and upsizes to A$700 million - 14 July 2003
Monday, 14 July 2003
Arranger and Lead manager, National Australia Bank Limited, has today priced the Mortgage-Backed Pass-Through Floating Rate Bond issue for the Superannuation Members' Home Loans Securitisation Fund 2003-1 ("SMHL SF2003-1").
Due to strong domestic and offshore investor demand, the transaction has been increased to A$700 million from A$600 million. On the Issue Date, Perpetual Trustees Australia Limited, as trustee of SMHL SF2003-1, will issue three classes of Bonds secured by a pool of prime residential mortgages:
| Class | Issue Size (A$m) | Preliminary Ratings S&P/Moody's |
Pricing Range | Legal Maturity | Expected Maturity | Weighted Average Life |
| A-1 | 210.0 | AAA/Aaa | 3m BBSW + 25 | Nov-29 | Nov-04 | 0.64 |
| A-2 | 477.4 | AAA/Aaa | 3m BBSW + 35 | Nov-29 | Aug-09 | 3.26 |
| B | 12.6 | AA/Aa2 | 3m BBSW + N/A | Nov-29 | Aug-09 | 6.04 |
The excellent pricing result, with a Class A weighted average margin over time of 34.2 basis points, reflects the premium nature of the stock.
The SMHL SF2003-1 issue is the first A$ interest withholding tax exempt issue under the SMHL Programme and approximately 20% of investor participation came from offshore investors. All classes of Bonds were oversubscribed following the increase in the size of the issue to A$700 million.
Settlement will occur on 17 July 2003.
* 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
