The Australian Securitisation Forum (ASF) and Perpetual Corporate Trust (Perpetual)’s Australian Securitisation Issuer Report 2019 highlights the continued importance of finding new investors to ensure the ongoing viability of securitisation issuance through the cycle. Consistent issuance is found to be the most effective, but in lieu of this issuers say innovation in assets and structure can help attract and retain investors.
In the wake of its latest New Zealand residential mortgage-backed securities (RMBS) deal, Resimac says structural changes in the local mortgage market are opening opportunities for nonbanks in prime mortgage lending and, therefore, securitisation. The issuer also says the depth and breadth of bids for its paper broadened in the new transaction.
On 15 April, Resimac launched its capped NZ$250 million (US$169.3 million) residential mortgage-backed securities (RMBS) transaction, Versailles Trust Series 2019-1. The forthcoming deal is being arranged by BNZ and Westpac New Zealand, which are also joint lead managers with Merrill Lynch. Pricing is expected on the day after launch.
On 11 March, Resimac revealed plans for a potential New Zealand dollar deal from its Versailles residential mortgage-backed securities (RMBS) programme. BNZ, Merrill Lynch and Westpac New Zealand have been mandated to arrange investor meetings.