St George Bank yesterday issued a $1 billion RMBS deal – the largest RMBS deal so far this year.
The bank now has 40 per cent of its total funding requirements for 2009.
Pricing of the issue was not disclosed, however the bank said it was competitive with comparable sources of funding available to Australian banks.
The LVR of the portfolio was less than 40 per cent and 95 per cent of all commercial loans were secured.
St George expects the $1 billion senior class A tranche to be rated AAA by Standard and Poor’s.