Fitch Ratings assigned Macquarie Group (ASX:MQG) unit Macquarie Bank's Series 2025-1 500 million euros mortgage-covered bonds an 'AAA' rating with a stable outlook, according to a Tuesday release.
The covered bond rating is based on the bank's long-term issuer default rating, the various uplifts above the rating granted to the program, and the over-collateralization protection provided through the program's asset percentage.
This issuance brings the Macquarie Group lender's total outstanding covered bonds to 1.1 billion euros.
The cover pool consisted of 6,666 loans secured by first-ranking mortgages on Australian residential properties, with a total outstanding balance of about AU$3.5 billion as of Dec. 31, 2024. The cover pool's weighted average current unindexed loan-to-value ratio was 52.6%.
The fixed-rate bonds are due in February 2030 with a 12-month extendable maturity.
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