Liberty launches A$1 billion RMBS deal

Tuesday, 30 March 2021

Late in the day on 29 March, Liberty Financial launched a new residential mortgage-backed securities (RMBS) deal, Liberty Prime Series 2021-1. The capped A$1 billion (US$763.5 million) transaction is expected to price no later than 1 April. National Australia Bank is arranger and joint lead manager alongside BofA Securities, Commonwealth Bank of Australia, Deutsche Bank and Westpac Institutional Bank.

Liberty Prime Series 2021-1 structure and indicative price guidance

Tranche	Volume (A$m)	Expected ratings	Initial credit enhancement (per cent)	Weighted-average life (years)	Indicative price guidance (bp/1m BBSW)
A1	850	Aaa/AAA	15	2.6	75
A2	44	Aaa/AAA	10.6	4.1	95
AB	43	Aaa/AAA	6.3	4.1	115
B	30	Aa2/NR	3.3	4.1	ND
C	7	A2/NR	2.6	4.1	ND
D	11	Baa2/NR	1.5	4.1	ND
E	11	Ba2/NR	0.4	4.1	ND
F	3	B2/NR	0.1	3.8	ND
G	1	NR/NR	N/A	5	ND

Source: National Australia Bank 29 March 2021