St George Bank Ltd has priced a $1.236 billion issue of asset backed securities under its Crusade securitisation program.
An A-1 rated senior tranche of $200 million priced at 80 basis points over the one-month bank bill swap reference rate(BBSW).
Two A-2 senior tranches of euro $US279 million ($A287.01 million) and euro 300 million ($A489.96 million) both priced at 120 basis points above EURIBOR.
Five subordinated tranches totalling $94.3 million were privately placed, St George said.
The last time St George priced an issue of asset backed securities was on March 20, when the A-1 senior tranche was priced at 70 basis points above BBSW.
Global mortgage securitisation markets were reduced to a trickle last August after the US sub-prime mortgage crisis triggered a global liquidity freeze.
Before the credit crunch hit, St George priced a $2.241 billion issue of mortgage-backed securities in June 22 last year.
The A-1 tranches were priced at just nine basis points above three month Euribor.
The A-2 senior tranche was priced at BBSW plus 15 basis points.
