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:

Auction Date:

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.

Settlement:

Via Austraclear, on Friday, 21 August 2015.

Volume:

Up to $500m in Amortised Face Value terms.

Securities to be auctioned:

Security ISIN

AOFM Holding

(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

Citibank NA

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