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Pepper Money secures first RMBS for 2024

Pepper Money secures first RMBS for 2024
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Pepper Money Australia has priced its first residential mortgage-backed security (RMBS) for 2024.

The transaction, PRS39, comprises both prime and non-conforming mortgages. It was priced at $750 million and is expected to settle on 28 February.

The non-bank lender will reportedly use the funds raised under PRS39 to continue to support the company’s non-conforming mortgage business growth in Australia.

Pepper Money’s chief executive Mario Rehayem commented: “Our ability to raise $750 million under PRS39, with most tranches heavily oversubscribed, is testament to the strong investor support for Pepper Money’s securitisation programs.

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“We have a longstanding (23-plus years) track record in debt capital markets and of successfully managing through all economic cycles. With $20 billion in Assets under Management (AUM) today, we remain financially strong and well positioned to capitalise on opportunities as they emerge.”

Pepper Money’s treasurer Anthony Moir added: “Since 2003, Pepper Money has successfully completed 62 securitisation transactions (including PRS39) raising more than $39 billion.

“The strong ongoing support from debt capital market investors for both Pepper Money’s prime and non-conforming issuances demonstrates the strength and longevity of our relationships and our ability to continue to fund Pepper Money’s ongoing growth.”

[Related: Pepper buys prime loan portfolio from bank]

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