AFG announce $300m RMBS transaction

As the Australian RMBS market continues to thrive, AFG has announced its first transaction for 2014.

The $300 million pool of home loans was originated through the AFG broker network. 

Following two deals last year, AFG’s third RMBS transaction saw domestic and international investors participating.

“This is a great result for AFG,” AFG Home Loans general manager Cameron Smith said.

“We’re enjoying the ongoing commitment of our 2013 investors and the introduction of several new investors to AFG,” he said.

“This led to the deal achieving a solid pricing outcome.”

With a transaction structure and asset pool consistent with previous transactions, AFG 2014-1 senior notes priced 10 basis points inside the most recent 2013 transaction.

AFG has 11.4 per cent of Australia’s total mortgage market and a mortgage book in excess of $89 billion.

The company’s 1,950 members process an average of $3.5 billion in home loans each month, including AFG Home Loans badged mortgages.

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