Adelaide Bank launches A$800 million domestic issue
(9 March 2004 – Australia) Adelaide bank has launched an A$800 million domestic issue under its TORRENS residential mortgage lending securitisation program. The issue will take the bank’s securitised mortgages to more than $2.7 billion.
The issue, which is co-managed by ABN Amro and Deutsche Bank, is the eighth launched by the bank and follows a $600 million transaction last September.
The issue includes a $480 million fixed rate note with an expected three-year maturity, as well as semi-annual coupon, and a rating of AAA by Standard & Poor’s, Fitch and Moody’s.
Adelaide Bank treasurer Anthony Baum said the bank was bringing to market a high quality portfolio with a low average loan size and low weighted average LVR.
"While the bulk of the issue is aimed at the Australian market, we expect this issue to attract similar strong demand from overseas to both the March 2002 and September 2003 issues," Baum said.
The issue includes a $480 million fixed rate note with an expected three-year maturity, as well as semi-annual coupon, and a rating of AAA by Standard & Poor’s, Fitch and Moody’s.
Adelaide Bank treasurer Anthony Baum said the bank was bringing to market a high quality portfolio with a low average loan size and low weighted average LVR.
"While the bulk of the issue is aimed at the Australian market, we expect this issue to attract similar strong demand from overseas to both the March 2002 and September 2003 issues," Baum said.
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