Resimac prices A$600 million RMBS deal

Friday, 15 March 2019

Updated

Issue name: Resimac Premier Series 2019-1
Sponsor: Resimac
Deal type: residential mortgage-backed securities
Pricing date: 15 March 2019
Settlement date: 29 March 2019
Total deal volume: A$600 million (US$426.7 million)
Arrangers: SMBC Nikko, United Overseas Bank
Lead managers: SMBC Nikko, United Overseas Bank

Note class: A1-S
Tranche volume: A$240 million
Tranche rating: AAA (S&P)
WAL: 3 years
Margin to swap: 128bp/1m BBSW
Initial credit support: 10.1%

Note class: A1-L
Tranche volume: A$299.4 million
Tranche rating: AAA
WAL: 4.9 years
Margin to swap: 143bp/1m BBSW
Initial credit support: 10.1%

Note class: AB
Tranche volume: A$30.6 million
Tranche rating: AAA
WAL: 5.7 years
Margin to swap: 220bp/1m BBSW
Initial credit support: 5%

Note class: B
Tranche volume: A$12 million
Tranche rating: AA
WAL: 5.7 years
Margin to swap: 250bp/1m BBSW
Initial credit support: 3%

Note class: C
Tranche volume: A$7.8 million
Tranche rating: A
WAL: 5.7 years
Margin to swap: 320bp/1m BBSW
Initial credit support: 1.7%

Note class: D
Tranche volume: A$4.5 million
Tranche rating: BBB
WAL: 5.7 years
Margin to swap: 385bp/1m BBSW
Initial credit support: 0.95%

Note class: E
Tranche volume: A$2.7 million
Tranche rating: BB
WAL: 5.7 years
Margin to swap: 585bp/1m BBSW
Initial credit support: 0.5%

Note class: F
Tranche volume: A$3 million
Tranche rating: NR
WAL: 6 years
Margin to swap: 585bp/1m BBSW
Initial credit support: N/A