Non-bank urges brokers to avoid big banks (Australian Broker)

Firstmac has come out swinging for brokers after banks threw them under the bus at the Financial Services Royal Commission.

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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