(18 May 2004 – Australia) St George Bank has issued the equivalent of A$1.4 billion in mortgage backed securities in euros and Australian dollars.The issue is called Crusade Euro trust No.1E of 2004 and is set to be listed on the Irish stock exchange.
The bank will issue separate senior tranches of approximately 500 million euros and A$500 million and subordinated tranches of some A$31 million.
Standard & Poor’s has rated the senior tranches AAA while Moody’s has rated them Aaa.