Mortgage financier Interstar Securities has introduced the Australian securitization markets' first-ever structured coupon with the inaugural deal under its A$2 billion ($1.3 billion) Millennium Trust securitization program.

The A$400 million transaction included A$100 million of Class A2 notes on which the coupon replicated an index nominated by the investors with whom the tranche was placed. Details of the index were kept confidential.

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