rams has refinanced, page-14

Is $250 mill enough?



1157 [Dow Jones] RAMS (RHG.AU) coming to market with A$250 million mortgage-backed securities issue including A$242.5 million of AAA-rated Class A notes, according to Moody's Investors Service. Analysts had said RAMS needed to get additional funding by end of month. Yesterday, market participants said RAMS hoping to sell RMBS at "low 50s" basis point spread over one-month bank bill swap rate. Market participants will be watching deal very closely given RAMS said in August that it was unable to roll over two extendible commercial paper programs totaling A$6.17 billion and as a result the programs were extended.