Resimac launches prime RMBS transaction
- Monday, 14 May 2018
On 14 May, Resimac launched its Premier Series 2018-1 prime residential mortgage-backed securities (RMBS) transaction. The deal has an indicative total volume equivalent to A$750 million (US$567.1 million), including the US dollar-denominated Class A1 notes.
Resimac Premier Series 2018-1 indicative price guidance and structure:
Class | Indicative volume (m) | Expected rating (S&P/Fitch) | Credit enhancement (per cent) | Weighted-average life (no. of years) | Indicative price guidance (bp/1m BBSW) |
---|---|---|---|---|---|
A1 | US$210 | AAA/AAA | 10 | 1.8 | 85-90 area/1m US Libor |
A2 | A$288.75 | AAA/AAA | 10 | 2.7 | 110 area |
A3a | A$50 | AAA/AAA | 10 | 5 | 3.71 per cent area, equivalent to 135 |
A3b | A$62.5 | AAA/AAA | 10 | 5 | 135 area |
AB | A$47.25 | AAA/NR | 3.7 | 4.5 | 165 area |
B | A$11.25 | AA/NR | 2.2 | 4.5 | 185-195 area |
C | A$7.5 | A/NR | 1.2 | 4.5 | 275-285 area |
D | A$6 | BB/NR | 0.4 | 4.3 | 575 area |
E | A$3 | NR/NR | N/A | 5 | ND |
Source: National Australia Bank 14 May 2018
The transaction is expected to price on or before 18 May, according to arranger National Australia Bank which is also leading alongside Citi and Westpac Institutional Bank.
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