Firstmac, Pepper defy UK forces to raise $2.5b via mortgage bond sales

10 October 2022

Non-bank lenders Firstmac and Pepper have raised $2.5 billion through the sale of mortgage-backed securities on Thursday, defying the pressure created on local securitisation markets by a wave of UK pension fund selling.

Firstmac’s transaction raised $1.76 billion as the non-bank lender attracted support from Asian and Australian investors, marking the largest non-bank sale of residential mortgage-backed bonds so far this year.