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Business is brisk in the Australian mortgage securitisation market, with an $800m global deal for Interstar Securities in the pipeline and a domestic issue of A$650m for Resimac set to be priced in a fortnight.
These deals follow bancassurer Suncorp Metway's A$600m MBS, priced by Citigroup last Friday.
The two shorter dated senior tranches of Suncorp's Apollo Series 2003-2 Trust, rated AAA by Fitch and Standard & Poor's, came at the tight end of price talk, while the longer tranche came at the wide end.
The A$250m 0.8 year average life notes were priced at 28bp over the bank bills swap rate (BBSW), 2bp outside Members Equity's blowout SMHL 2003-2 deal in early September, which had an average life of 0.91 years.
The 2.9 year average life...