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Resimac issues NZ$300m RMBS

The non-bank lender has priced its first RMBS transaction in the New Zealand market for 2020.

Resimac has announced that it has priced a NZ$300 million ($274.8 million) prime and non-conforming residential mortgage-backed security (RMBS) transaction.

The Resimac Versailles 2020-1, the first public RMBS offering in the New Zealand market for 2020, was well supported by real money investors, which allowed the lender to upsize the deal.

The transaction has marked the largest New Zealand issue post the global financial crisis and provides support for the ongoing growth of the New Zealand business.

The transaction included Westpac New Zealand Ltd and Bank of New Zealand as co-arrangers and joint managers, while Deutsche Bank AG Sydney branch was co-manager.


Resimac priced a NZ$250 million ($229 million) RMBS transaction – Resimac Versailles 2017-1 – in 2017.

That marked the second offering into the New Zealand market since the business launched in 2012.

The New Zealand transaction has followed two RMBS pricings in the Australian market by Resimac this year.

In July, the lender priced a $1 billion non-conforming Bastille RMBS transaction – the Resimac Bastille Trust Series 2020-1NC.

In May, it issued a $500-million prime RMBS transaction, which was the first since the coronavirus pandemic began. The Australian Office of Financial Management provided secondary market support with cornerstone investors, but was not required to participate in the primary book.


[Related: Resimac settlements propelled by speedy turnaround times]

Resimac issues NZ$300m RMBS
Resimac issues NZ$300m RMBS

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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.

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