The steady stream of Australian issuance looks set to continue over the coming weeks, with several regular issuers returning to the market. Bank of Queensland is leading the way with a A$1.6 billion-equivalent ($1.2 billion) prime RMBS through its REDS facility. ABN Amro and Deutsche Bank are joint lead managers.

The deal, which features 100% cover from PMI Mortgage Insurance and Genworth, marks the first time the bank has issued a euro-denominated tranche. Standard & Poor's has assigned triple-A ratings to the 400 million ($506.2 million) and A$600 million senior notes; with the A$48 million subordinate piece rated AA'.

Meanwhile, consumer finance specialist Liberty Financial has hired Credit Suisse and Deutsche to arrange a A$1.1 billion deal backed by non-conforming and subprime mortgages, with pricing expected by Nov. 6. The offering features an A-1+' rated money market tranche, plus longer-dated notes with ratings ranging from triple-A to double-B.

Liberty completed recently a A$150 million auto-loans ABS. The A-1+' money market notes finished 10 basis points over the Bank Bills Swap Rate, while the triple-A senior tranche offered a 22 point spread.

Mobius Financial Services last week held domestic roadshows for a nonconforming RMBS. The company appointed Commonwealth Bank of Australia to arrange the sale, with deal size still to be determined.

(c) 2006 Asset Securitization Report and SourceMedia, Inc. All Rights Reserved.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.