St George prices fifth global MBS

Bank achieves tighter than anticipated pricing as overseas support for Aussie MBS continues.

St George Bank, one of Australia's biggest residential mortgage-backed securitization issuers, has priced the fifth global offering from its Crusade program. JPMorgan acted as lead manager on the $1.07 billion deal, with Credit Suisse First Boston and UBS Warburg providing support as co-managers.

St George's latest deal - called Crusade Global Trust No. 1 2003 - is backed by a pool of 12,223 prime mortgage loans with a principal balance of around A$1.8 billion $1.1 billion. The weighted current loans-to-value of the portfolio is 66.3% with an average seasoning of 14%. Around 79% of the mortgages are concentrated in New South Wales.

The transaction was split into three tranches....

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