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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Funds cut risk, lift cash holdings (The Australian)

Firstmac chief financial officer James Austin said the residential mortgage backed securitisation market was showing “very little movement” in issuance prices.
RMBS are based on the performance of the underlying mortgages, so during the global financial crisis it was very much a credit event,” Mr Austin said. “In this case, the RMBS market will all be about how the Australian economy performs.

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