Resimac launches prime RMBS transaction

Monday, 14 May 2018

On 14 May, Resimac launched its Premier Series 2018-1 prime residential mortgage-backed securities (RMBS) transaction. The deal has an indicative total volume equivalent to A$750 million (US$567.1 million), including the US dollar-denominated Class A1 notes.

Resimac Premier Series 2018-1 indicative price guidance and structure:

Class	Indicative volume (m)	Expected rating (S&P/Fitch)	Credit enhancement (per cent)	Weighted-average life (no. of years)	Indicative price guidance (bp/1m BBSW)
A1	US$210	AAA/AAA	10	1.8	85-90 area/1m US Libor
A2	A$288.75	AAA/AAA	10	2.7	110 area
A3a	A$50	AAA/AAA	10	5	3.71 per cent area, equivalent to 135
A3b	A$62.5	AAA/AAA	10	5	135 area
AB	A$47.25	AAA/NR	3.7	4.5	165 area
B	A$11.25	AA/NR	2.2	4.5	185-195 area
C	A$7.5	A/NR	1.2	4.5	275-285 area
D	A$6	BB/NR	0.4	4.3	575 area
E	A$3	NR/NR	N/A	5	ND

Source: National Australia Bank 14 May 2018

The transaction is expected to price on or before 18 May, according to arranger National Australia Bank which is also leading alongside Citi and Westpac Institutional Bank.