Australian bank, St George Bank, which last month carried out its first-ever auto loan securitization, has entered the global markets for the first time with a US$994 million mortgage-backed bond issue.

The deal will almost double in Australian dollar terms the volume of home loans that the bank the country's fifth largest has so far securitized, from A$1.8 billion to A$3.3 billion (US$1.18-2.16 billion). At presstime, bank executives were discussing pricing with U.S. investors. Although a deal appeared imminent, bank officials warned that it would be delayed if market conditions deteriorated.

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