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Bendigo and Adelaide Bank prices $559m RMBS

13 March 2009 |Media centre

The Bendigo and Adelaide Bank ("BEN"), $559 million TORRENS Series 2009-1 Trust ("TORRENS 2009-1") RMBS transaction was successfully priced today in line with market expectations.

Both Class A1 and Class A2 senior Notes are rated by Standard and Poor's and Moody's, with the tranches carrying a rating of AAA and Aaa respectively.

The $50 million Class A1 Notes have an expected average life ("EAL") of 0.3 years and were priced at 1 month BBSW plus 90 basis points whilst the $475 million Class A2 Notes which have an EAL of 4.2 years priced at 1 month BBSW plus 135 basis points. The Class B subordinated Note pricing was undisclosed.

The Class B Note subordination level was sized to ensure the Class A Noteholders have no reliance on the Lenders Mortgage Insurance credit support providing high level resilience in the senior note ratings.

Bendigo and Adelaide Bank's Head of Term Funding, Max Pedler, said "the transaction was very pleasing and in line with the Australian Office of Financial Management’s objective of bringing successful RMBS transactions to market”.

The TORRENS 2009-1 pricing reflected the high quality collateral which was comprised of all borrowers being fully income verified, all loans fully amortising with no interest only period, weighted average seasoning of 51 months and a weighted average LTV of 68%.

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