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Corrs advises on ME bank securitisation

Deal summary: Corrs Chambers Westgarth has advised Member's Equity Bank (now ME Bank) on its $276 million Maxis Loans Securitisation Fund 2009-1 ('Maxis SF 2009-1') deal. This is the first…

user iconLawyers Weekly • 14 September 2009 • Big Law
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Deal summary:

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Corrs Chambers Westgarth has advised Member's Equity Bank (now ME Bank) on its $276 million Maxis Loans Securitisation Fund 2009-1 ('Maxis SF 2009-1') deal. This is the first public issue of Australian residential mortgage-backed securities (RMBS) to occur without government support since October 2008, and has been reported to be one of the year's first publicly issued RMBSs without government support worldwide.

Westpac Institutional Bank acted as the arranger and underwriter on the issue.

The deal is anticipated to settle on 14 September 2009.

Key players:

The Corrs team was led by John Munton (pictured right), Craig Milner and Scott Millar.

Commentary:

"The securitisation market is showing signs of reopening for business. This deal will also relieve the pressure on government, who have so far provided around $8 billion of investment for the RMBS market through cornerstone investments by the Australian Office of Financial Management," Corrs partner John Munton said.

Paul Garvey, Manager, Financial Markets, ME Bank commented, "Maxis SF 2009-1 highlights an increased willingness for investors to identify opportunities to invest in high quality investments and free-up excessive cash holdings. The deal was nearly twice oversubscribed".

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