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Lender boosts RMBS issue to half a billion

An Australian non-bank lender has priced its thirtieth public term securitisation at $500 million.

Liberty Financial announced that the Liberty Series 2014-2 RMBS received strong investor demand, forcing the group to upsize the transaction from a launch volume of $400 million to $500 million.

Deutsche Bank is the sole arranger and joint lead manager along with CBA and Westpac.

Tim Richardson, director of securitisation at Deutsche Bank, said Liberty – which Deutsche Bank has worked with since 2003 – has again confirmed its status as a major issuer of non-prime mortgage backed securities in the Australian market.

“We are extremely pleased with the level of investor participation across the capital structure and their interest in opportunities to buy collateral originated by issuers like Liberty Financial,” Mr Richardson said.

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“The assets underlying the transaction consist of a mixed pool of prime and non-prime mortgages with a weighted average loan-to-value ratio of approximately 72.4 per cent,” he said.

“In addition, the collateral is well seasoned at around 22 months.”

The transaction will settle on 19 November 2014.

“Liberty is a leader in providing households and small businesses with the freedom to choose from a wide range of products and services to meet their financial needs,” Liberty’s chief financial officer Peter Riedel said.

“We are grateful for the support investors have extended to our business,” he said.

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