Australia's St. George Bank will soon launch its second RMBS of 2006 with an A$1.7 billion ($1.2 billion) offering via its Crusade program. Barclays Capital is the appointed arranger, with St. George co-lead.
The deal, to be marketed in Australia, Europe and Asia, is backed by 10,025 loans worth A$2.05 billion, with an average LTV of 65.58% and seasoning of 17.3 months. Mortgage cover comes chiefly through PMI and SG Insurance. Low-doc loans make up 9.4% of the pool.