St George to continue MBS Crusade

Australian bank launches fifth global mortgage-backed securitization.

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

According to a source at St George, the deal is expected to price on Friday although he declined to speculate on indicative pricing.

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%...

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