Australia's most active issuer, Macquarie Securitisation, has completed its latest RMBS through the PUMA program. Macquarie Bank and Deutsche Bank were joint leads on the A$1 billion ($745.5 million) offering, reprising their roles on the borrower's previous 2006 outings.

Despite an underlying pool of prime mortgages, which atypically included zero low-doc loans, Macquarie saw pricing finish wider than expected. The A$978 million class-A notes - rated triple-A by Moody's Investors Service and Standard & Poor's - ended 17 basis points over the Bank Bills Swap Rate (BBSW) on a 2.5-year average life.

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