By: Belinda Luc
Non major lender, Bendigo and Adelaide Bank, has kicked off a $750 million RMBS issue, its third issue since November 2009.
According to a company statement, released yesterday, the RMBS will be issued under the TORRENS securitisation program and will offer securities in Australian dollars with tranche sizes to be determined subject to market conditions.
The issue will be backed by Australian prime residential mortgages originated by Bendigo and Adelaide Bank.
Class A notes issued under the TORRENS Series 2010-2 Trust will be listed on the ASX. Bendigo and Adelaide Bank expects the A notes will be rated AAA by Standard & Poor's, and Aaa by Moody's Investors Service.
Under the latest RMBS issue, NAB has been appointed the Arranger and Joint Lead Manager, with Westpac and Deutsche Bank also acting as Joint Lead Managers.
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