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.

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27 Mar 2020

Firstmac Reopens RMBS Market With AOFM Support (Kanga News)

On 27 March, Firstmac printed the Australian market’s first securitisation transaction to be supported by the Australian Office of Financial Management (AOFM)’s A$15 billion (US$9.2 billion) structured finance support fund (SFSF). The SFSF is being implemented to support nonbank financial institutions and smaller authorised deposit-taking institutions through any funding stress resulting from the COVID-19 crisis.

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