Members Equity Bank’s successfully priced a $470 million Maxis Loan Securitisation Fund 2008-1 residential mortgage backed bond issue at 120 bps over BBSW on Friday.
The latest issue is an encouraging sign that spreads are reducing following Macquarie’s $300 million RMBS which priced at 110 bps less than two weeks ago.
The Members Equity issue has a weighted average life of 2.6 years and was made up entirely of fully verified income loans with a current loan-to-value ratio of approximately 64 per cent.
87 per cent of the loans are to borrowers paying interest and principal.
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