Pepper starts marketing PRS 23 RMBS deal
- Thursday, 14 February 2019
On 14 February, Pepper Group (Pepper) began taking indications of interest for a capped A$750 million (US$531.8 million) equivalent residential mortgage-backed securities (RMBS) transaction, PRS 23. The deal will include a US dollar denominated tranche and a euro denominated tranche backed by green mortgages.
PRS 23 indicative price guidance and structure
| Tranche | Indicative volume (m) | Expected ratings (S/M) | Weighted-average life (no. of years) | Indicative price guidance (bp/1m BBSW) |
|---|---|---|---|---|
| A1-a | A$100 | AAA/Aaa | 2.4 | 145-150 |
| A1-u | US$ND | ND/ND | ND | ND |
| A1-G€ | €ND | ND/ND | ND | ND |
| A2 | A$109 | AAA/Aaa | 3.9 | 225-230 |
| B | A$52 | AA/NR | 3.9 | 255-260 |
| C | A$22 | A/NR | 3.9 | 330 |
| D | A$16 | BBB/NR | 3.9 | 430 |
| E | A$9 | BB/NR | 3.7 | 630 |
| F | A$8 | B/NR | 2.7 | 740-750 |
| G | A$9 | NR/NR | 5 | ND |
Source: Westpac Institutional Bank 14 February 2019
The Class C, D, E, F and G notes are not available for sale. Citi, Commonwealth Bank of Australia, National Australia, Societe Generale, Standard Chartered and Westpac Institutional Bank were mandated for the deal on 21 January.
nonbank Yearbook 2023
KangaNews's eighth annual guide to the business and funding trends in Australia's nonbank financial-institution sector.
WOMEN IN CAPITAL MARKETS Yearbook 2023
KangaNews's annual yearbook amplifying female voices in the Australian capital market.
Related news
