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Firstmac prices $600m RMBS issue

Non-bank lender Firstmac has priced a $600 million residential mortgage-backed securities issue in a transaction that is $100 million larger than its previous one.

In a trading update to the ASX yesterday, FirstMac announced that it priced the $600 million residential mortgage-backed securities (RMBS) issue at 135 basis points over the bank bill swap rate.

In the update, Firstmac noted that the transaction was $100 million larger than its previous RMBS transaction which was $500 million.

This transaction takes the non-bank lender’s RMBS issuance since 2003 to more than $16 billion. Its most recent prior issues were a $500 million issue in November 2015 and $1 billion in May 2015.

Firstmac chief financial officer James Austin commented: “The RMBS market is functioning well and we were pleased by the large number of institutional accounts that participated in our transaction, including several new accounts to our name.”

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[Related: Firstmac recognised for ‘strong’ loan servicing]

Firstmac prices $600m RMBS issue
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