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SYDNEY, May 28 (Reuters) - Macquarie Securitisation, a unit
of Macquarie Group (MQG.AX), is planning to sell around A$250
million ($240 million) of residential mortgage-backed
securities backed by a pool of low-documentation loans, an
investor said on Wednesday.
The issue, which was first flagged early May, is expected
soon. Macquarie would be one of the joint leads, the investor
added.
Mortgage-backed securities have been hit hard worldwide
since the U.S. subprime mortgage crisis, unnerving investors
and sending borrowing costs sharply higher.
RMBS issuance in Australia slumped to A$800 million, down
from A$57 billion in 2007. But there are definite signs the
world's fourth-largest RMBS market is coming back to life after
a six-month dry spell.
The Australian mortgage units of Citibank (C.N) and GMAC
both sold RMBS issues earlier in May.
Macquarie Bank declined to comment.
Low documentations loans are based on self-certified
income. They are typically used for self-employed professionals
whose earnings are difficult to verify.
($1=A$1.04)
(Reporting by Cecile Lefort)
