On 5 October, Pepper Australia (Pepper) mandated the refinancing of the class A1-s2 notes of Pepper Residential Securities (PRS) Trust No.15, with a tranche of new class AR-1 notes. The AR-1 notes have indicative volume of A$35.1 million (US$27.5 million), a weighted-average life of 1.7 years and price guidance in the area of 105 basis points over one-month bank bills.