Non-bank lender Firstmac’s out in the market seeking bond investors for a $1.76 billion RMBS deal, launching the deal after a week of marketing.
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The lender’s three lead managers – JPMorgan, ANZ and CBA – told investors they would price what was left of the deal on Thursday. JPM was named as the arranger.
In a launch message sent at lunchtime, they said the biggest portion of the raising, a $1.5 billion AAA rated tranche, was “pre-placed”.
They were seeking buyers for 50 per cent of the $123.5 million second tranche, and all of the $52.9 million third line.
Indicative pricing was at 200 and 230 basis points above the one-month swaps rate. The deal would settle on October 13, the launch message said.
It comes in a hectic week for RMBS deals and auctions. Pepper launched a $500 million RMBS sale to investors on Wednesday afternoon, while there have also been big parcels of existing securities sold in special auctions.
