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.”
If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.