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PropertyfinanceSecurities issues more rated bonds, Generator says it is not exposed to US sub-prime market.

Monday, July 9th 2007, 4:33AM
Property Finance Group has made a new issue and expanded its Rated Mortgage Bond programme.

New bonds, totally $25.7 million, have been issued through its NZDX listed bond programme that the company established earlier this year.

Property Finance chief financial officer Shane Clark said the new issue was made up of $13.85m of bonds backed by commercial mortgages and $11.85m of residential mortgages.

The total bonds on issue for both series is now $38.45m. He says the issue is a further step in PFS's aim to develop a range of rated and tradable mortgage backed securities for retail investors".

Rated Mortgage Bonds carry an investment grade 'BBB' rating from Fitch Ratings.

Generator not exposed to US sub-prime market

Generator Bonds has confirmed it has no direct exposure to the US subprime mortgage market.

"In recent weeks there has been media coverage of underperformance by certain collateralised debt obligations (CDOs) due to the underperformance of the US subprime mortgage sector, Generator Investments Australia director Craig Swanger says. "This can be traced to the performance of the 2006 vintage of a number of US subprime mortgage securitisations which has caused the fundamentals of a number of 2006 vintage asset backed security (ABS) CDOs to deteriorate."

"Generator Bonds does not invest in ABS and does not have any direct exposure to subprime mortgages, or to corporates whose primary business line is subprime mortgage lending." Generator Bonds now has 14 months to maturity and still has its original credit rating of A-.

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