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ISCOVER
By: Staff Reporter
Investor demand has forced Suncorp to double the size of its latest residential mortgage-backed securities (RMBS) offering.
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A total of 14 investors participated in the offering, named the Apollo Series 2010 – 1 issue, forcing the bank to doubles its original transaction of $500 million.
The offering’s Class A1 $630 million notes were sold at 100 basis points over swap, while the Class A2 $300 million notes were sold at 110 basis points over swap.
The pricing announcement follows the Australian Office of Financial Management’s decision last week to purchase RMBS deals at tighter spreads in a bid to help smaller lenders compete on home loan origination.
Previous deals completed by Suncorp were priced at 130 basis points over swap.
