More activity emerged from Down Under last week. Australian financial services group Suncorp Metway launched the latest RMBS from its Apollo facility, while nonconforming mortgage provider Bluestone Mortgages will soon issue New Zealand's first RMBS of 2006.
The size of Suncorp's deal - its tenth RMBS since opening the program in 1999 - has yet to be determined. The loans backing the latest transaction will be drawn from an A$2.7 billion ($2 billion) pool, comprising 13,727 mortgages with a weighted average loan-to-value of 66.4% and seasoning of 19.1 months. PMI Mortgage Insurance will provide full cover.
The transaction will feature two triple-A rated tranches and a double-B subordinated piece. Suncorp last tapped the market in July 2005 with an A$800 million offering.
Bluestone, meanwhile, will issue a NZ$241.8 million ($152.3 million) deal backed by a fully amortizing pool of sub-prime and non-conforming mortgages through its Sapphire program. Westpac is lead manager on the borrower's third New Zealand RMBS. The bank also handled Bluestone's most recent Kiwi deal.
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