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Little visibility on SMART sale

12 October 2009 5:42PM
Macquarie Bank priced and upsized its SMART Series 2009-1 Trust transaction. The deal size was increased to A$675 million from A$320 million but only the short-dated A$98.75 million, Class A-1 tranche, with a 0.31 years weighted average life, was sold publicly. This was priced at 75 basis over bank bills.The A$475 million, Class A-2 tranche, with a 1.96 year weighted average life, was privately placed at a yield of 195 bps over bank bills. Pricing was not disclosed on the other tranches.Details were released on the structure of the Liberty PRIME Series 2009-2 Trust RMBS issue. The A$126 million, AOFM backed, RMBS issue will consist of a total of nine tranches with eight rated by both S&P and Fitch Ratings. As for AOFM itself, it sold A$700 million of June 2014 CGS on Wednesday, at an average yield of 5.16 per cent. The tender was oversubscribed 3.3 times.

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