Macquarie finds foreign homes for latest MBS deal

Glut of domestic issuance causes Macquarie to tap overseas buyers for latest PUMA transaction.

Macquarie Securitization Ltd, a wholly-owned subsidiary of Macquarie Bank and Australia's largest issuer of mortgage-backed securities MBS, has priced its first A$-denominated securitization MBS since February 2000.

Deutsche Bank and Macquarie Debt Markets acted as joint lead managers on the A$750 million $409.9 million transaction.

The deal, otherwise known as PUMA Masterfund P8, is backed by a portfolio of first registered mortgages with a weighted average loan-to-value of 73.4% and average seasoning of 29 months. Some 68.2% of the loans are secured on properties in New South Wales.

The transaction was split into a three-year A$340 million fixed rate tranche, 5.8-year average life A$385 million floating rate piece and A$25 million of subordinated notes....

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