About Us > Media Centre > Media Releases/ASX Announcements > Media releases / ASX announcements 2003 > Superannuation Members' Home Loans Securitisation Fund 2003-1 Bond issue prices and upsizes to A$700
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Superannuation Members' Home Loans Securitisation Fund 2003-1 Bond issue prices and upsizes to A$700 million - 14 July 2003
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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.
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