J.P. Morgan

Sunday, 29 March 2020

AOFM’s presence alongside supportive investors boosts Firstmac RMBS return

The swift entry of the Australian Office of Financial Management (AOFM) into the securitisation market added confidence to Firstmac’s return to new issuance and facilitated an upsized transaction. The issuer says it also retained third-party investor engagement from before the COVID-19 related shutdown of new issuance in Australia, though only a smaller deal would have been possible without government support.

Friday, 27 March 2020

Firstmac reopens RMBS market with AOFM support

On 27 March, Firstmac printed the Australian market’s first securitisation transaction to be supported by the Australian Office of Financial Management (AOFM)’s A$15 billion (US$9.2 billion) structured finance support fund (SFSF). The SFSF is being implemented to support nonbank financial institutions and smaller authorised deposit-taking institutions through any funding stress resulting from the COVID-19 crisis.

Friday, 27 March 2020

Firstmac launches prime RMBS transaction

On 27 March, Firstmac launched its prime residential mortgage-backed securities (RMBS) transaction, Firstmac Mortgage Funding Trust No. 4 Series 1-2020. The deal has indicative total volume of A$880 million (US$534.2 million), with the potential to upsize to A$1 billion. Pricing is expected on the day of launch, according to arranger J.P. Morgan, which is also lead manager alongside ANZ, National Australia Bank and Westpac Institutional Bank.

Thursday, 26 March 2020

Firstmac to sound investors for prime RMBS deal

On 26 March, Firstmac revealed plans for a potential Australian dollar denominated, prime residential mortgage-backed securities (RMBS) deal. ANZ, J.P. Morgan, National Australia Bank and Westpac Institutional Bank have been mandated to engage investors.

Wednesday, 11 March 2020

Short-end dynamics open door to SSA Kangaroo taps

As high-grade bonds have rallied globally in response to the COVID-19 crisis, opportunities have emerged in the short end of the Australian dollar basis swap curve.

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