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Non-bank enters Japanese market with RMBS deal

Resimac has entered the Japanese capital markets with a $1-billion RMBS deal, which comprises the lender’s fourth transaction for 2020.

The non-bank lender has announced the financial close of Resimac Premier Series 2020-3, which is the first residential mortgage-backed securities (RMBS) transaction under its program to offer a yen-denominated tranche.

According to Resimac, this transaction (under which the yen denominated tranche is a Class A1 soft-bullet security type tranche) would form a part of its commitment to broader investor participation.

Commenting on the RMBS deal, Resimac group treasurer Andrew Marsden said: “This is a milestone transaction for Resimac. The inaugural yen securitisation creates new access to the Japanese capital markets and currency diversification, which is in line with our long-term funding strategy.”


Lead managers for Japanese yen included National Australia Bank (NAB), SMBC Nikko Capital Markets Ltd, and Sumitomo Mitsui Banking Corp.

Australian dollar joint lead managers included NAB, SMBC Nikko Capital Markets Ltd, Sumitomo Mitsui Banking Corp, Sydney Branch, and Standard Chartered Bank.

The latest RMBS transaction by Resimac has followed the pricing of its first transaction in the New Zealand market for 2020, where it priced a NZ$300 million ($282.3 million) prime and non-conforming RMBS transaction.

Resimac’s other deals in 2020 included a $1-billion non-conforming Bastille RMBS transaction in July and a $500-million prime RMBS transaction, which represented the first offering since the coronavirus pandemic.

[Related: Resimac issues NZ$300m RMBS]

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