Macquarie re-opens Aussie RMBS market
Macquarie's A$500 million Puma residential mortgage-backed securitisation deal shows that investors are willing to buy; at the right price.
Australia's mortgage securitisation market is open for business again after Macquarie Securitisation ended two months of inactivity with a deal sold through its Puma programme.
The A$500 million $426 million deal is the smallest Puma issuance since the mid-1990s and is priced at 40 basis points over the Aussie interbank rate û more than double the spread of Macquarie's previous deal, which launched in June at just 20bp.
Puma is one of the most frequent issuers in the Australian mortgage...
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