PUMA Finance, Australia's biggest non-bank home loan securitizer, brought the biggest deal in the domestic market for at least two years when it launched a A$700 million (US$443 million) transaction.

The vehicle - which is managed by Macquarie Bank subsidiary, Macquarie Securitisation - structured the PUMA Masterfund P-7 offer in three tranches: Tranche 1-F, A$420 million of senior fixed rate debt with a call option exercisable in February 2003; Tranche 2, A$256 million of senior floating rate notes with a weighted average life of 6.9 years; and Tranche 3, A$24 million of subordinated floating rate debt with a 7.5 year WAL.

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