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AFG prices $500m RMBS

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Reporter 4 minute read

The aggregator has successfully priced its second RMBS in 2019.

The Australian Finance Group (AFG) has successfully priced its $500 million AFG 2019-2 Trust Residential Mortgage-Backed Securities (RMBS) issue after receiving “strong over-subscription”.

This marks the second RMBS issuance priced by AFG in 2019.

The RMBS consists of:

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  • a Class A tranche totalling $450 million;
  • a Class AB tranche totalling $29.2 million;
  • a Class B tranche totalling $8 million;
  • a Class C tranche totalling $6.25 million;
  • a Class D tranche totalling $3.1 million;
  • a Class E tranche totalling $1.7 million; and
  • a Class F tranche totalling $1.6 million.

Following the announcement, AFG CEO David Bailey said: “Building on the success of the 2019-1 issue earlier this year, we are very pleased to see an increase in domestic and international investor participation.

“The 2019-2 issue represents the first transaction with a deal roadshow to UK investors and the strong demand across domestic and international investors has allowed the deal to upsize from $350 million to $500 million.

“There is a growing understanding of the unique position AFG holds in the RMBS market and the flow-on effect that has on our overall portfolio performance.”

Mr Bailey added: “As both an originator and a distributor of mortgages, our experience frames our credit policies and lending practices.

“Our portfolio, 100 per cent broker-introduced, has a track record of outstanding performance.”

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The AFG CEO concluded by thanking investors for their support and noting the contribution of the aggregator’s broker network.

“It is also important to acknowledge our brokers, who have demonstrated confidence in our products and service by recommending them to our clients,” he said.

[Related: AFG volumes down 11% amid ‘unprecedented’ headwinds]

AFG prices $500m RMBS
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