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BNY Trust Australia, the joint venture between The Bank
of New York Company, Inc., a global leader in securities servicing,
and Trust Company of Australia Ltd, a leading provider of trustee
services to the Australian domestic securitization market, has been
appointed by the Bluestone Group to provide domestic and offshore
corporate trust services for its inaugural non-conforming residential
mortgage-backed securities issue, Sapphire VII Series 2005-1E. The
A$600 million equivalent twelve-tranche issue (including 11 rated
tranches) due 20 November 2037 was lead-managed by Barclays Capital.
BNY Trust Australia will provide domestic corporate trust services
through its subsidiaries, Permanent Custodians Limited as issuer
trustee, document custodian and AUD paying agent, and Permanent
Registry Limited as security trustee. The Bank of New York will
fulfill the offshore roles of bond trustee, Euro paying agent and
Irish Stock Exchange listing agent.
Mike Thomson, chief executive officer of BNY Trust Australia,
said, "This is a prestigious inaugural appointment for the joint
venture, highlighting our ability to provide both domestic and
offshore services. This capability combined with our product expertise
and local support within the issuer's time zone was of paramount
importance to our client. The history and track records of The Bank of
New York and Trust Company of Australia position us to be the leading
trustee for future financing activities by Australian issuers."
BNY Trust Australia provides securitization trustee and other
agency-related services to Australian-based issuers of debt. The new
entity combines Trust's strong local infrastructure and market
presence and The Bank of New York's global experience, expertise and
leadership in providing a wide range of trustee and agency services.
The joint venture provides a powerful product and service offering
that meets the sophisticated needs of Australian clients, particularly
in the areas of asset- and mortgage-backed securities services,
derivative services, and international debt offerings across a full
range of asset classes.
The Bank of New York has been conducting business in the
Asia-Pacific region for over 50 years. The Company has 16 offices in
11 countries in the region, including full-service branches in
Shanghai, Tokyo, Hong Kong, Singapore, Seoul, and Taipei, and employs
over 1,500 staff.
Trust Company of Australia Ltd (ASX: TRU) is a publicly listed
company established in 1885. Trust has offices in Sydney, Melbourne,
Brisbane and Townsville with over 320 employees and a market
capitalization in excess of A$300 million. Trust is a broadly based
financial services organization offering a range of products and
services to both individual and corporate clients.
The Bank of New York Company, Inc. (NYSE: BK) is a global leader
in providing a comprehensive array of services that enable
institutions and individuals to move and manage their financial assets
in more than 100 markets worldwide. The Company has a long tradition
of collaborating with clients to deliver innovative solutions through
its core competencies: securities servicing, treasury management,
investment management, and individual & regional banking services. The
Company's extensive global client base includes a broad range of
leading financial institutions, corporations, government entities,
endowments and foundations. Its principal subsidiary, The Bank of New
York, founded in 1784, is the oldest bank in the United States and has
consistently played a prominent role in the evolution of financial
markets worldwide. Additional information is available at
www.bankofny.com.
This announcement is not an offer to sell or a solicitation of an
offer to buy any securities.