Pepper starts marketing PRS 22 RMBS deal with possible green tranche
- Wednesday, 21 November 2018
On 21 November, Pepper Group (Pepper) began taking indications of interest for the Class A1-a, Class A2 and Class B notes of its residential mortgage-backed securities (RMBS) transaction, PRS 22. The structure may also include an Australian dollar denominated A1-Ga tranche backed by green mortgages, subject to sufficient demand.
PRS 22 indicative price guidance and structure
| Tranche | Indicative volume (A$m) | Expected ratings (S/M) | Weighted-average life (no. of years) | Indicative price guidance (bp/1m BBSW) |
|---|---|---|---|---|
| A1-a | ND | AAA/Aaa | 2.6 | 140-145 area |
| A2 | 111 | AAA/Aaa | 4 | 210-220 area |
| B | 52.5 | AA/NR | 4 | 235-245 area |
| C | 21 | A/NR | 4 | 310 |
| D | 16.5 | BBB/NR | 4 | 410 |
| E | 9 | BB/NR | 3.9 | 610 |
| F | 7.5 | B/NR | 2.9 | 720 |
| G | 7.5 | NR/NR | 5 | ND |
Source: Westpac Institutional Bank 21 November 2018
Pepper conducted investor meetings regarding the transaction in the week of 5 November, which were arranged by Citi, Commonwealth Bank of Australia, National Australia Bank, Natixis, Standard Chartered Bank and Westpac Institutional Bank.
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