Lender reports "sharp fall" in hardship applications (Australian Broker)

Non-bank lender Firstmac has reported the number of new applications received for COVID-19 related hardship arrangements has fallen faster than the group expected. According to Firstmac managing director Kim Cannon, a “full analysis” of the trusts in its $12.8bn loan book have shown the impact of the crisis is not accelerating in the way investors feared at the outset of the pandemic.

View article here

Read more…

Recent articles

30 Mar 2020

RMBS freeze melts for Firstmac (Banking Day)

In the first mortgage-backed funding in a month, Firstmac on Friday completed a A$1 billion RMBS raising. The Australian Office of Financial Management invested $189.1 million across six tranches of the Firstmac Series 1-2020 bond.

Approximately 81 per cent of the transaction was placed with institutional investors across the transaction structure. Investors to the transaction participated from United Kingdom, Asia, together with domestic Australian domiciled institutions.

View article here (subscription required)