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ISCOVER
By: Staff Reporter
Resimac has launched a $250 million residential mortgage-backed securities issue.
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According to the non-bank lender, the issue includes four tranches and is jointly managed by Barclays Capital, Deutsche Bank and National Australia Bank.
While pricing is not expected to be announced until 12 May, a report by Reuters said the deal would include a $226 million 2.4 year triple A rated tranche at 165 basis points over the one month bank bill swap rate.
The offer, called Resimac Premier Series 2010-1, has a legal final maturity of June 2041 and is callable in May 2015.
The issue pool includes loans with an average loan-to-value ratio of 70 per cent and an average time since issue, or seasoning, of 31 months. The pool includes 70 per cent of low documentation loans, while interest-only loans make up 49 per cent of the portfolio.
