Briefs: Liberty sells RMBS, Max Trust's RMBS sold below value, polymer notes fade, Securency sold

Liberty Financial is the latest non-bank issuer to seek funding from the sale of mortgage-backed securities. Liberty is seeking to sell A$600 million in bonds, its first sale of this type of security in seven months. The pool will be a mix of non-conforming and prime residential loans.

The managers of former Allco entity Max Trust said they sold three subordinated tranches in asset-backed securities at discounts of up to one third of the market value recognised just six weeks ago. The securities sold included holdings in a 2005 mortgage-backed bond of Adelaide Bank and a 2004 Mobius bond.

Polymer bank notes for Nigeria manufactured using Securency's polymer substrate are beginning to fade and shrink, according to local media reports. The Central Bank of Nigeria recently admitted the currency was no longer sustainable and said it would no longer issue bank notes made of the polymer, citing higher costs and environmental issues.

Innovia Films says it has finalised its purchase of the 50 per cent stake in Securency International formerly owned by the Reserve Bank of Australia. Innovia said last month that it was buying the bank's stake for an initial instalment of Â£42.5 million. In future, Securency will trade as Innovia Security. The re-branded business will continue to be led by the same management team under managing director Philippe Etienne, who reports directly to Innovia's chief executive, David Beeby, UK media reports.