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Brief: P&N Bank issues RMBS

P&N Bank has launched an issue of residential mortgage-backed securities, seeking A$300 million of funding. In a pre-sale report issued yesterday, Fitch Ratings said loans in the collateral pool were highly concentrated in Western Australia. Offsetting this concentrating of risk, all of the loans in the pool are mortgage insured and the average loan-to-valuation ratio is a low 57.1 per cent.

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