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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10 Jul 2020

Firstmac finds its deepest-ever investor base in new deal (Kanga News)

Firstmac’s latest residential mortgage-backed securities (RMBS) deal demonstrates the continued rebound of nonbank securitisation since the COVID-19 crisis, the issuer says, with deep investor engagement leading to strong demand. 

Firstmac’s immediate liquidity needs are now met, allowing it to focus on retaking prime mortgage market share from the major banks.

The transaction is the issuer’s first since a A$1 billion deal on 27 March which came at the depths of the COVID-19 crisis and was the first to be supported by the Australian Office of Financial Management (AOFM)’s Structured Finance Support Fund.

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