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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04 May 2020

Home loan relief calls push $6.8bn (The Australian)

More than half a million Australians have hit pause on $6.8bn worth of loan repayments in the past six weeks. 

The higher-than-expected take-up of repayment relief from borrowers comes as non-bank lender Firstmac revealed just over 5 per cent of mortgage holders in its $12.8bn loan book had applied for hardship arrangements.

Firstmac managing director Kim Cannon said the hardship numbers were less than the “optimistic” forecasts of 6-9 per cent, and well below the level that may result in deferred residential mortgage-backed securities (RMBS) coupon payments to investors.

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