Columbus plans A$200 mln RMBS issue - investor

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SYDNEY, May 5 (Reuters) - Australian non-bank lender
Columbus Capital Pty Ltd is planning to sell around A$200
($$187 million) of prime residential mortgage-backed
securities, an investor said on Monday.

The pool of loans comprises full and low documentation
loans.

Columbus declined to comment.

The issuer securitised late last year A$255 million of
prime low-documentation RMBS in a debut issue called Nautilus
Series 2007-1 solely managed by UBS.

Three other new RMBS issues are being offered to Australian
investors, a sign investors are returning to the asset class
after six months of inactivity triggered by the U.S. subprime
mortgage crisis.

Issuance of RMBS in Australia has completely dried up in
2008 after $57 billion was issued in 2007.

Citigroup (C.N) is planning to sell A$300 million to A$500
million of RMBS under its SAM programme. See [ID:nSYD72081].

A unit of U.S.-based GMAC has also been discussing with
investors a A$303 million non-conforming RMBS issue debut with
sole lead Westpac Institutional Bank.

Latest pricing indications of the triple A tranche suggests
a margin of around 300 basis points over BBSW, according to an
investor. Such a margin would be the highest spread ever paid
by an Australian residential mortgage-backed issuer.

In November, non-conforming lender Bluestone Group paid the
most when it offered 108 basis points over BBSW for a triple A
RMBS tranche. Before the credit squeeze, 20 bps was more
typical for non-conforming lenders.

RAMS Home Loans Group Ltd (RHG.AX) is also planning to sell
A$300 million of RMBS via UniCredit. See [ID:nSYD42690].
($1=A$1.07)
(Reporting by Cecile Lefort)