Macquarie Leasing upsizes USD- and AUD-denominated ABS
On July 15 Macquarie Leasing issued its second asset-backed securities deal of the year to feature foreign corrency tranches. The A$633 million (US$670.4 million) equivalent deal was upsized from a launch volume of just greater than US$550 million, with the leads reporting oversubscription in all 10 public tranches.Constant flow returns to regional and non-bank securitisation
A flurry of securitisation deals from regional and non-bank issuers in the first half of July illustrate the continued revival of the asset class as a funding tool for smaller borrowers, issuers and intermediaries say. Securitised issuance is showing signs of increased breadth and depth, with issuers and intermediaries pointing to new foreign currency options as well as signs of life in non-conforming and subordinated tranches.
ME Bank completes 2012 buyback with A$413.5 million retired
The latest buyback of government-guaranteed notes completed on July 18 as ME Bank (BBB/A2) retired A$413.5 million (US$438.8 million) of its A$500 million August 2012 line. The buyback, which was the fourth such transaction in the Australian market in just over a month, was split almost evenly between the bond's fixed and floating rate tranches.FirstMac joins smaller issuer RMBS flurry with first 2011 deal
Preliminary ratings have been assigned to a new residential mortgage-backed securities (RMBS) deal from FirstMac. FirstMac Mortgage Funding Trust Series 1-2011 has a launch volume of A$175.6 million (US$185.3 million) and represents the borrower's first securitisation issue of the year, although it issued twice in 2010: a A$338.9 million restructure issue in May and a A$416 million new deal in September.BEN adds yen tranche to A$1 billion RMBS [UPDATED]
Bendigo and Adelaide Bank (BEN) issued its first residential mortgage-backed securities (RMBS) transaction of the year on July 14. The A$1 billion (US$1.1 billion) deal – Torrens Series 2011-1 (Torrens 2011-1) – marks a major step for Australian RMBS currency diversification as its top-rated tranche is denominated in yen, at a size of ¥20 billion (US$253 million).