Third RMBS Auction Notice – Update
14 July 2015
This Operational Notice provides additional information on the third RMBS auction, to be held on Tuesday 18 August 2015, which was announced on 24 June.
The notes to be auctioned and timing remain unchanged:
Bids close 11am AEST, Tuesday 18 August 2015;
Results announced 2pm AEST, Tuesday 18 August 2015;
Confirmations to be sent to successful bidders following publication of results.
Via Austraclear, on Friday, 21 August 2015.
Up to $500m in Amortised Face Value terms.
Securities to be auctioned:
(Original FV Terms)
|BARTON 2011-1 A2||AU3FN0012837||$40,000,000|
|CONQUEST 2010-2 A3||AU3FN0011201||$139,250,000|
|GBS NO. 4 A1||AU3FN0009015||$95,000,000|
|ILLAWARRA 2010-1 A||AU3FN0010468||$157,500,000|
|LIGHT TRUST NO. 2 A1||AU3FN0008850||$190,000,000|
|SMHL 2008-2 A1||AU3FN0007241||$500,000,000|
|TORRENS 2010-2 A4||AU3FN0011029||$476,500,000|
|WIDE BAY 2010-1 A2||AU3FN0012365||$81,200,000|
The AOFM wishes to advise that the Term Sheets and supporting Information Memoranda of the trusts underpinning two of the above notes, CONQUEST 2010-2 and ILLAWARRA 2010-1, contain details of Transfer Options that allow each to be called by the trustee after the volume of mortgages falls below 20 per cent of the original volume.
In the event these options are exercised by the trustees, the Weighted Average Lives of each note would vary from the inferred 2.6 to 2.7 years where each note is assumed to be called at the market standard ‘clean up call’ level of 10 per cent of the original volume.
The AOFM is making this disclosure in the interests of transparency.
RMBS Divestment Panel
There have been two changes to the panel since the last advice.
Barclays Bank PLC and Citibank NA have been added to the divestment panel with effect from the third auction, on 18 August 2015.
Updated Divestment Panel:
Australia and New Zealand Banking Group Limited
Barclays Bank PLC
Citigroup Pty Ltd
Commonwealth Bank of Australia
Deutsche Bank AG Sydney Branch
Macquarie Bank Limited
National Australia Bank Limited
Westpac Banking Corporation
Last updated: 14 July 2015