ME Bank, formerly known as Members Equity Bank, has launched an issue of $500 million of prime residential mortgage-backed securities (RMBS).
According to a report by Reuters, the offer, called SMHL Securitisation Fund 2009-2, is the second by ME Bank in two weeks.
Earlier this month the bank sold $276 million of RMBS without any government support.
In this latest offer, ME Bank has called on the Commonwealth Bank of Australia, Macquarie Bank and Deutsche Bank to help it sell the notes.
Preliminary pricing of the top rated tranche of the offer is around 150 basis points over the 1-month bank bill swap rate.