Powered by MOMENTUM MEDIA
the adviser logo

Macquarie?s first 2008 no- and low-doc RMBS rated AAA

by Staff Reporter1 minute read

The class A notes of Macquarie’s first no- and low-doc RMBS issue for the year was today assigned a ‘AAA’ preliminary rating by Standard & Poor’s.

The $300 million issue, called PUMA Masterfund S-6 bond issue, included $270 million Class A senior notes and $30 million Class B subordinated notes.

Class A notes were priced at 180 basis points over the one month bank bill swap rate. Class B notes were unrated.

The pool of loans had a weighted average LVR of 57 per cent and consisted entirely of loans made to prime self-employed borrowers.

Peter Maher, Macquarie group head of banking and financial services, said the issue received strong support from investors who “saw the transaction as good value presented by disruptions in global financial markets”.

Standard & Poor’s credit analyst Jackson Chan was pleased with the transaction and said the credit support provided by the notes’ subordination significantly exceeded the support required by the rating agency.

Published: 11-06-08

 

Macquarie?s first 2008 no- and low-doc RMBS rated AAA
default
TheAdviser logo
default

MORE FROM THE ADVISER

Paul Moses Stewart Saunders Heritage Bank TA

New broker head for Heritage Bank amid leadership shuffle

Heritage Bank’s NSW and ACT state manager Paul Moses is set to become its new head of broker experience, replacing...

READ MORE
James Angus ta

Bluestone boosts non-prime support for brokers

As part of Bluestone’s senior underwriters, the “broker credit coaches” will have new responsibilities added to...

READ MORE
ron Galvin and John eid

Prime welcomes new BDMs amid SME lending boom

Prime Capital has welcomed former MyState Bank BDM Ron Galvan and former Archer Wealth BDM John Eid to its team of...

READ MORE
magazine
Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more