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Westpac prices RMBS

Staff Reporter 1 minute read

Westpac has successfully priced $2 billion of residential mortgage backed securities last Friday.

The pricing represents the first issue by a major lender in a domestic market since the onset of the global financial crisis in May 2007.

With liquidity remaining a major concern, the move by Westpac bodes well for other lenders that plan to go to market in the new year.

According to an article in Dow Jones, the $2 billion RMBS is double what the major bank had originally planned and signals a return of confidence to Australian securitisation market.

So far this year smaller or regional banks in Australia have raised over $3.0 billion through RMBS sales without government assistance.

The notes were priced at 1.3 percentage points over the swap rate and more than 10,000 mortgages were bundled into the deal.

Westpac prices RMBS
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