Firstmac’s return to the residential mortgage-backed securities (RMBS) market took a new approach to US dollar issuance. This – together with the issuer’s longstanding engagement with international investors and a European-friendly deal structure – allowed it to find brand-new investors and a majority-offshore distribution profile.
On 18 September, Firstmac mandated ANZ, National Australia Bank and Westpac Institutional Bank to engage investors regarding a potential Australian dollar denominated prime residential mortgage-backed securities (RMBS) transaction.
Firstmac printed its second residential mortgage-backed securities (RMBS) transaction of 2018, Firstmac Mortgage Funding Trust No. 4 Series 2-2018 (Firstmac 2-2018), on 8 June. The A$1 billion (US$760.6 million) deal was led by ANZ and J.P. Morgan. The transaction was predominantly placed with Japanese investors according to James Austin, chief financial officer at Firstmac in Brisbane, who spoke to KangaNews shortly after the deal priced.
On 4 June, Firstmac launched its residential mortgage-backed securities (RMBS) transaction, Firstmac Mortgage Funding Trust No.4 Series 2-2018. The deal is for a total volume of A$1 billion (US$756.4 million) and will not grow. The Class A1 notes have a volume of A$850 million and have been preplaced.
Late in the Sydney day on 24 May, Firstmac began taking indications of interest on its new prime residential mortgage-backed securities transaction, Firstmac Mortgage Funding Trust No.4 Series 2018-2 (Firstmac 2018-2). The forthcoming deal is expected to launch and price during the week beginning 4 June, via lead managers ANZ and J.P. Morgan.