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Non-bank prices $145m RMBS re-issue

Australia’s largest non-bank lender has priced a $145 million issue of RMBS at 130 basis points over the bank bill swap rate.

Firstmac’s latest deal compares favourably with its last transaction in October which priced at 135 basis points over the Bank Bill Swap Rate (BBSW).

Firstmac CFO James Austin said the RMBS market was functioning well and had seen ongoing tightening of funding margins over the course of the year.

Mr Austin said the issue had been well supported by domestic investors, with a total of five investors participating in the transaction which was arranged by nabSecurities Australia.

Firstmac’s RMBS issuance since 2003 totals more than $16 billion. Its most recent prior issue was a $600 million issue in October 2016.

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[Related: Firstmac prices $600m RMBS issue]

Non-bank prices $145m RMBS re-issue
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