First 2003 Aussie domestic MBS deals launched

Bank of Queensland and Greater Building Society will hope for tighter pricing than late 2002 offerings.

After a quiet opening to the Australian mortgage backed securitization market in 2003, Bank of Queensland BOQ and Greater Building Society GBS have set the ball rolling with the launch of mortgage backed transactions.

BOQ will be launching its tenth domestic deal through its REDS programme with a A$400 million $236.4 million issue for which Macquarie Bank is acting as lead manager with ABN AMRO as co-lead. GBS, on the other hand, is tapping the MBS market for the first time with a A$300 million deal.

BOQ's deal, called Series 2003-1 REDS Trust, has been split into three tranches. The 0.7 year A$100.5 million and 3.3 year A$292 million...

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