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Specialist lender prices $250m RMBS transaction

James Mitchell 2 minute read

One of Australia’s specialist lenders has successfully priced a $250 million RMBS transaction.

RedZed Lending Solutions said the “RedZed Trust Series 2015-1” transaction was upsized from $200 million on the back of strong investor demand.

Priced yesterday, the transaction is the specialist lender’s third issue after similar RMBS deals in 2011 and 2014.

“We were pleased to achieve continued improvement from 2014-1 and at the same time extending existing relationships and building new relationships with investors across the capital structure,” RedZed managing director Evan Dwyer said.

“This funding helps us continue to focus on being the lender of choice for quality self-employed customers in Australia.”

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Ten investors participated in the transaction with 87 per cent comprising real money accounts.

“The transaction represents another positive step in building the RedZed brand in the RMBS Australian specialist lending space and was positively received by the market with strong participation by real money accounts across the capital structure,” said Craig Stevens, associate director of investment grade origination at NAB.

The major bank was arranger and joint lead manager of the deal along with CBA.

“The transaction demonstrates the ongoing support of the specialist lending sector enabling RedZed to diversify and grow its investor base,” CBA director of debt market securitisation Ernest Biasi said.

The transaction is due to settle on 17 September.

Specialist lender prices $250m RMBS transaction
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James Mitchell

James Mitchell

James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.

He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.

He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.

James holds a BA (Hons) in English Literature and an MA in Journalism.

 

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