Powered by MOMENTUM MEDIA
subscribe to our newsletter

Resimac closes $500m RMBS transaction

The non-bank lender has issued its first RMBS transaction since the COVID-19, with the AOFM providing secondary market support with cornerstone investors.

Resimac has announced that it has priced a $500-million prime residential mortgage-backed security (RMBS) transaction, the first offering since the coronavirus pandemic.

The “Resimac Premier 2020-2” resulted from ongoing engagement with real money investors, the non-bank lender said in an announcement to the ASX.

The Australian Office of Financial Management (AOFM) provided secondary market support with cornerstone investors and was not required to participate in the primary book.

The Resimac Premier Series 2020-2 transaction included Deutsche Bank AG and NAB as co-arrangers and joint lead managers, while JP Morgan, Standard Chartered Bank and Westpac were joint lead managers.

Advertisement
Advertisement

Resimac CEO Scott McWilliam said the transaction demonstrated the strength of the lender’s brand and assets in a challenging market environment.

“This deal emphasises the depth of Resimac’s funding platform, which is underpinned by the quality of our mortgage portfolio,” he said.

“Our prime portfolio remains in good health with only circa 6 per cent of customers requesting COVID-19 hardship payment moratoriums, comparing favourably with the major banks and peers.”

Mr McWilliam added that Resimac, which has more than $14 billion in assets under management has been able to renew and increase the size of its warehouse facilities.

“We are pleased to report that since early March we have been able to renew and extend almost $2 billion in funding facilities with both onshore and offshore banking partners,” Mr McWilliam said.

PROMOTED CONTENT


“Since the COVID-19 pandemic commenced, our approach to providing the Australian mortgage market with competitively priced and solution-based home loan products remains unchanged. We have continued to offer our full range of mortgage products throughout the pandemic, avoiding making blanket credit policy changes. This approach has seen us continue to settle consistent volumes of quality mortgage assets.

“Our funding and capital position are strong, providing a platform for continued AUM growth in a very competitive market,” he said.

[Related: Brokers urged to ramp up borrower probes]

Resimac closes $500m RMBS transaction
mortgagebusiness

Malavika Santhebennur

Malavika Santhebennur is the features editor on the mortgages titles at Momentum Media.

Before joining the team in 2019, Malavika held roles with Money Management and Benchmark Media. She has been writing about financial services for the past six years.

Latest News

The non-bank lender has launched an IPO at an offer price of $2.89 per share to raise $500.1 million. ...

The shareholders of the neobank have agreed to the scheme of arrangement that would see NAB acquire all the issued share capital in the comp...

ASIC has begun proceedings against the major bank for insider trading and breaches of its licensee obligations during the privatisation of A...

FROM THE WEB

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.