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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Firstmac owner Kim Cannon has resumed his concerted push for a banking licence, arguing the nation’s biggest non-bank lender has the required “capacity and character” and would be a serious competitive threat to the big four.
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