Macquarie Bank has priced its first RMBS deal since 2008 and claims its new mortgage business is growing solidly.
On Thursday the bank announced it had priced an upsized $750 million RMBS deal – the lender’s first foray into public securitisation markets since the financial crisis.
Macquarie had originally launched the deal at $500 million but strong investor interest saw it upsize the deal to $750 million.
Frank Ganis, Macquarie Bank executive director, told The Adviser the bank was “very, very pleased” with the level of investor interest the issue generated.
“I think people were happy to see the Macquarie PUMA name return to the market,” Mr Ganis said.
“We used to be one of the most dominant issuers of RMBS before the financial crisis.”
Funding in the current market remained difficult for all lenders, Mr Ganis commented, but he noted there was improved confidence in the capital markets.
Macquarie returned to the broker market in January this year after securitisation markets froze and crippled its funding lines back in 2008.
Mr Ganis said Macquarie’s new niche Mortgage Solutions range, which was officially launched in July, was developing well with take up of its products growing solidly.
“We’ve been working on reinvigorating the business for some time,” he said.
“Over the last six to eight weeks our sales guys have been hitting the road and talking to brokers about the new products. And we’ve had a lot of demand so far, it’s been fantastic.”
Mr Ganis said Macquarie now had more than 20 aggregation groups and financial planners distributing its products.
“We’ve been spending a lot of time getting our brokers accredited and positioned to write our new range and we’re now doing reasonably health volumes of new business.”
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