(29 August 2005 – Australia) St George Bank has started marketing its latest global multi-currency mortgage backed securities issue under its Crusade program.Called Crusade Global Trust No 2 of 2005, the securities issue is tipped to have a value of A$2 billion, separate senior tranches of around $1 billion, and $600 million and subordinated tranches of around $35 million.
Ratings agency Standard & Poor’s has assigned AAA preliminary ratings to the issue. Other ratings agencies are expected to do likewise.
Barclays Capital is the issue arranger and joint lead manager with JPMorgan for the US dollar tranche. Barclays and St George are joint lead managers of the Australian dollar tranche with JP Morgan as co-manager.
St George originated residential mortgage loans will back the issue, the second in 2005.