Firstmac completes $1.3bn RMBS raising (Australian Broker)

Non-bank lender Firstmac Limited has announced its completion of a $1.3 billion RMBS raising, with over $2 billion in orders.

In a statement, Firstmac said that the issue was oversubscribed “from an early stage” and was supported by 31 institutions.

The roadshow for the RMBS issue was the first to be done entirely online, as COVID-19 travel restrictions made the usual face-to-face meetings throughout Europe, Asia, and the US impossible.

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31 Mar 2020

Canberra takes a bond ‘step change’ (The Australian)

The AOFM has started operating the $15bn Structured Finance Support Fund to help smaller lenders access funding during a period of market dislocation. Further detail on the fund provided on Tuesday evening said it was available to non-bank lenders and authorised deposit-taking institutions that did not have the collateral required to tap the RBA’s $90bn funding facility for banks. The AOFM will seek to invest in packages of loans — that are securitised — to assist smaller lenders while also considering making investments in warehouse facilities. On Friday, the AOFM started the operation of the structured fund, by investing $189m across six tranches of Firstmac’s $1bn mortgage bond. 

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