From Down Under, price guidance has been released for the A$450 million ($352.1 million) CMBS by listed property trust Macquarie Countrywide (ASR, 11/27/06).
The issuer's parent, Macquarie Bank, and National Australia Bank are joint leads on the deal, secured by over 52 supermarkets and shopping malls located throughout Australia.
Macquarie will sell five tranches with scheduled maturities of three years and legal finals of 4.5-years. Indicative spreads for the A$330 million A-class notes - rated triple-A by Standard & Poor's - are in the high teens area over the Bank Bills Swap Rate (BBSW), while the A$50 million double-A piece is expected to price in the low- to mid-20s range.
The A$25 million single-A rated notes are being marketed in the high 20s to low 30s; while the A$30 million triple-B and A$15 million triple-B minus notes are being offered in the high 40s and high 50s over BBSW, respectively.
Pricing is expected this week.
Meanwhile, specialist mortgage originator Interstar Wholesale Finance has completed an A$300 million nonconforming RMBS via its Titanium program. Commonwealth Bank of Australia arranged the six-tranche offering.
The A$210 million super senior A1 piece and A$43.7 million senior A2 tranche - both rated triple-A by Fitch Ratings and S&P with 1.6-year average lives - priced at 22 and 28 basis points over BBSW, respectively.
In addition, the A$21.95 million class B notes - rated A+' by both agencies - offered a pickup of 65 points for 3.26-years; while A$14.55 million of triple-B bonds ended 115 over BBSW for the same average life.
Spreads were undisclosed for the A$6.5 million double-B piece and A$3.65 million unrated equity tranche.
Citigroup has launched its latest Australian RMBS through its Securitized Australian Mortgage Trust facility. The bank is sole lead manager on the A$721 million issue.
The deal is backed by 3,477 prime mortgages with an outstanding principal of A$920 million, weighted average loan-to-value of 70.8% and seasoning of 20.6 months. Genworth provided mortgage insurance on the deal.
(c) 2006 Asset Securitization Report and SourceMedia, Inc. All Rights Reserved.