Non-bank lender Pepper Money has put a $500 million residential mortgage-backed securities transaction to investors, racing out a day after the Reserve Bank’s 25bps cash rate increase.
Lead arranger National Australia Bank launched the deal on Wednesday afternoon, telling investors to expect pricing within a day.
Early guidance was for 115bps above the one-month Bank Bill Swap rate for the senior-most tranche, which was expected to be rated AAA. Biggest chunk of the deal was in the tranche below it and expected to pay around 132bps margin. The securitisation pool included Pepper originated and serviced Australian dollar loans to prime and non-conforming borrowers secured by first ranking mortgages.
Commonwealth Bank of Australia, Macquarie and Westpac were staffed on the deal as joint lead managers, alongside NAB.co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
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