Macquarie reissues A$185 million of MBS paper

Issuer part-refinances deal launched in February 2000.

Macquarie Securitization Ltd, Australia's largest issuer of mortgage-backed securities MBS, yesterday reissued A$185 million $109 million of bonds from its PUMA Masterfund programme. Macquarie Debt Markets and Deutsche Bank acted as joint lead managers.

The bonds were originally issued as three year fixed rate notes with a soft bullet payment as part of the A$750 million PUMA Masterfund P7 deal, which closed in February 2000. The bonds were scheduled to mature this week, but have been refinanced because the Trust did not have sufficient principal captured to repay the full amount due.

According to a banker involved on the deal, this does not represent a shortfall in funds, and investors...

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