macquarie-reopens-aussie-rmbs-market

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 securitisation market, alongside St George Bank and Rams. All three are dependent on the short-term commercial paper and securitisation markets for their funding, which worked well until the collapse of the subprime market in the...
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