In September, KangaNews hosted representatives of Australia’s most significant nonbank lenders at the first-ever sector roundtable discussion. On the agenda were funding markets and investor relations, the outlook for the Australian housing market and regulatory oversight of the sector.
Firstmac has mandated a new residential mortgage-backed securities (RMBS) deal denominated in Australian and US dollars, via National Australia Bank and United Overseas Bank. The issuer plans to meet investors in Hong Kong and Singapore on 21-23 February and host calls with Australian investors in the week commencing 26 February ahead of the potential transaction.
The Australian Office of Financial Management (AOFM) disclosed on 29 November that its next auction of residential mortgage-backed securities (RMBS) holdings will take place on 14 December. The auction will be for five lines of RMBS notes and a Westpac Institutional Bank (Westpac) research note says the cash value of the paper on offer is A$444.1 million (US$336.9 million).
On 29 November, Firstmac revealed plans to engage with residential mortgage-backed securities (RMBS) investors regarding the possible re-issue of the Class A-2 notes from Firstmac Mortgage Funding Trust Series 3-2012 (Firstmac Series 3-2012). The notes have a re-issue date in December 2017. Macquarie Bank will arrange the meetings, with a potential transaction to follow.
On 23 November, Firstmac launched its latest prime residential mortgage-backed securities (RMBS) transaction, Firstmac Mortgage Funding Trust No.4 Series 3-2017. The transaction has volume of A$600 million (US$456.8 million) and will not grow. Pricing is expected on day of launch, according to arranger J.P. Morgan and joint lead manager Westpac Institutional Bank.