Australia-based National Australia Bank Ltd. (National) has come to market with a first-ever global RMBS $1.1 billion deal. HomeSide Mortgage Securities Trust 2001 is a securitization of Australian residential housing loans and the class-A senior notes are being launched in U.S. dollars to global investors.
After the acquisition of HomeSide Lending in 1998, National will be able to assume the responsibilities of the servicer, the custodian, the liquidity facility provider, the redraw facility provider, the interest rate swap counterparty, basis swap counterparty and one of the two currency swap counterparties.
Standard & Poor's Ratings Services assigned a preliminary rating of AAA/AA to the transaction.
