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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03 May 2020

Firstmac says fewer customers than banks in COVID-19 hardship (Australian Financial Review)


Non-bank lender Firstmac says a lower proportion of its customers have deferred their mortgages compared to major banks, and this should provide comfort to securitisation investors. Firstmac's COVID-19 hardship data shows the quality of it prime book in mortgages.

A summary of the performance of nine Firstmac securitisation trusts, published for investors but seen by The Australian Financial Review, shows that of its almost $13 billion in mortgages, 5.32 per cent are classified as being "impacted" by COVID-19.

Firstmac CEO Kim Cannon, who owns the lender, said the RMBS market had been closed but he was hopeful it would reopen soon as investor confidence returns.

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