NAB issues $796.5mn residential mortgage securitisation

The issue is backed by 3,976 residential mortgage loans by an NAB unit.

National Australia Bank, Australia's top lender, said on Wednesday it was securitising A$750 million ($796.5 million) in residential mortgages for the first time in five years.

The issue is backed by 3,976 residential mortgage loans originated by a unit of NAB and expected to be priced next week, according to a report in Reuters.

Australian banks stayed away from the residential mortgage securitisation market as costs shot up amid investor aversion for mortgage securities during the global financial crisis.