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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15 May 2015

Firstmac issues Australia's biggest non-bank RMBS since crisis

Firstmac Ltd. has priced A$1 billion ($805 million) of notes in the Australian-dollar market’s largest non-bank mortgage-bond deal since the global financial crisis.

The Brisbane-based lender, which funds online mortgage website loans.com.au, sold A$600 million of top class AAA rated notes at a spread of 98 basis points over the bank-bill swap rate, according to an e-mailed statement. It issued a further A$358 million of AAA rated notes at spreads ranging from 115 to 195 basis points, while the remaining A$42 million of securities carried lower credit scores or were held onto by the issuer.- Bloomberg Business- view article