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Adelaide Bank builds on strong mortgage lending performance

Adelaide Bank builds on strong mortgage lending performance

(Australia) Adelaide Bank has moved to support its strong mortgage lending performance in 2002/03 by launching a A$600 million domestic securitisation program. The issue is the seventh of its kind under the bank’s TORRENS residential mortgage lending program.

The bank said the issue "reinforces Adelaide Bank’s commitment as a regular securitisation issuer into the domestic mortgage backed market since 1996".

It said the 2003-1 TORRENS Trust marked the bank’s return to the domestic mortgage backed market for the first time since its largest domestic issue in March 2002 of $750 million.

ABN AMRO and Deutsche Bank are joint lead managers to the offer.

Adelaide Bank treasurer Anthony Baum said the bank was "bringing to market a very well seasoned portfolio with a weighted average seasoning of 20 months".

"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 September 2001 and March 2002 issues," he said.
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