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Government of Australia

(Federal/State Govt. / Local Govt./Govt. Bodies) Canberra AUSTRALIA
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Australia to invest A$1 bln in two RMBS issues    
The Australian government will buy A$1 billion in residential mortgage backed securities in its first ever purchase of such debt, injecting much-needed liquidity into the non-bank home loan market.?

The Australian Office of Financial Management (AOFM) said it had received 12 proposals for issues of RMBS as part of its A$8 billion RMBS purchase plan and had chosen to invest A$500 million in two of them. One was an issue from non-bank lender FirstMac Limited, jointly led by Australian and New Zealand Banking Group, HSBC and Macquarie Bank.?

The other came from Members Equity Bank and was jointly led by Westpac Banking Corporation and Credit Suisse. The proposed issues were expected to be priced by mid-November, the AOFM said. The AOFM plans to select a further two proposals from the first selection round in mid-November for RMBS issues to be priced prior to end-December.?

A request for proposals for the second selection round is expected to be issued in late November. This will be for RMBS issues to be completed by February or March, 2009. Non-bank lenders have suffered greatly since the US subprime mortgage crisis because they are reliant solely on the securitisation market to fund operations. ($1=A$1.50)
Government of Australia 's City : Canberra
Government of Australia 's Country : AUSTRALIA
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