Firstmac
Australian nonbanks' song remains the same
Every year, KangaNews hosts Australia’s leading nonbank lenders at a sector roundtable discussion – supported since 2019 by Natixis. In keeping with the unique circumstances of 2020, this year’s roundtable was conducted via videoconference. While market conditions have changed dramatically in the past 12 months, the sector is able to tell the same story of solid funding foundations and sound credit quality.
Firstmac prints A$1 billion equivalent RMBS including yen tranche
Firstmac launches RMBS deal with yen tranche
Firstmac launched its capped A$1 billion (US$705.1 million) equivalent prime residential mortgage-backed securities (RMBS) deal, Firstmac 2020-3, on 20 October. The deal is in Reg-S format and includes a senior Japanese yen tranche. Pricing is expected on 22 October, according to co-arrangers and joint lead managers, J.P. Morgan and National Australia Bank.
Firstmac taking indications of interest for Reg S RMBS deal
On 15 October, FIrstmac began taking indications of interest for its Reg S, dual-currency residential mortgage-backed securities (RMBS) deal, Firstmac 2020-3. Total capped volume for the transaction, which is expected to launch in the week beginning 19 October, is A$1 billion (US$713.1 million) equivalent. J.P. Morgan and National Australia Bank are arrangers and lead managers for the deal.
Firstmac exploring Reg S RMBS deal
On 12 October, Firstmac mandated J.P. Morgan and National Australia Bank to engage investors regarding a potential Reg S, prime residential mortgage-backed securities (RMBS) transaction.
TFF volume meets initial allowance but credit demand still soft
Authorised deposit-taking institutions (ADIs) picked up their usage of the Reserve Bank of Australia (RBA)’s term funding facility (TFF) before its cut-off date on 30 September, eventually subscribing for almost all their original allowance. While the RBA says the scheme is achieving its goal at least some market participants are concerned about its distortionary effect.
nonbank Yearbook 2020
KangaNews's fourth annual guide to the business and funding trends in Australia's nonbank financial-institution sector.
