24 March 2009
Purchase of RMBS - Announcement of Further Mandates - Second Selection Round
In Operational Notice 3/2009 of 17 February 2009 the AOFM announced three mandates to arrange the issue of RMBS with the AOFM as a 'cornerstone investor'. Issues of RMBS in connection with those mandates have now been priced with AOFM participation as follows:
- Series 2009-1 Harvey Trust, AOFM investment of $350 million;
- Torrens Series 2009-1 Trust, AOFM investment of $475 million; and
- Progress 2009-1 Trust, AOFM investment of $425 million.
The AOFM has selected three further proposals from the second selection round for the allocation of mandates for RMBS issues to be priced by the end of April 2009. The AOFM has advised the parties concerned of its interest to participate in the following proposed issues:
- National Australia Bank as arranger and joint lead manager and Deutsche Bank and Credit Suisse as joint lead managers of an issue for Liberty Financial Pty Ltd;
- National Australia Bank as arranger and joint lead manager and Deutsche Bank and Barclays Capital as joint lead managers of an issue for Challenger Mortgage Management Pty Ltd; and
- Westpac as arranger and joint lead manager and The Royal Bank of Scotland as joint lead manager of an issue for Bank of Queensland Ltd.
Confirmation of the AOFM's investment in these proposed RMBS issues is subject to finalisation of acceptable documentation, confirmation that relevant conditions will be met and agreement on pricing.
The AOFM will continue to review the remaining complying proposals from the second selection round, with further AOFM investment mandates expected to be announced in due course.