La Trobe completes $250m RMBS deal

Non-bank lender La Trobe Financial continues to build its residential mortgage-backed securities (RMBS) program for investors with the pricing of its third issue.

Westpac acted as the arranger of the $250 million issue, La Trobe Financial Capital Markets Trust 2016-1, with CBA and NAB also assisting as joint lead managers.

“As a long-standing client, we are very pleased to arrange our first RMBS transaction with La Trobe Financial,” Westpac’s director of structured finance, Peter Taplin, said.

“In volatile markets the transaction was well supported with substantial real money investment”.

La Trobe Financial’s head of debt capital markets, Ryan Harkness, said the group was very pleased with the support for the transaction.

“We had strong demand that saw the order book scaled, and real money investor support represented 78 per cent of the book,” Mr Harkness said.

“Whilst retaining many of the investors from our previous transactions, we are extremely pleased to welcome many new investors into the La Trobe Financial RMBS program. We are building the foundations for future programmatic RMBS issuances and look forward to continuing to be an active participant in the debt capital markets.”

The RMBS deal is the latest by La Trobe, having priced a $250 million issue in May last year, as well as a private placement worth $102 million in 2014.

[Related: Firstmac completes $500m RMBS issue]

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