Resimac prices $750m prime RMBS

Non-bank lender Resimac has announced that it has priced its second residential mortgage-backed security (RMBS) transaction for 2024, “Resimac Premier Series 2024-1”, at $750 million.

Andrew Marsden, Resimac’s group treasurer, said that the investor appetite for its RMBS was “pleasingly strong”.

He said: “Global investor appetite for our RMBS continues to be pleasingly strong and issuance conditions remain supportive of our growth objectives throughout 2024.”

Resimac’s first RMBS transaction for 2024 was completed in April this year and was a non-conforming RMBS issuance, also priced at $750 million.

The non-bank lender said it has now issued more than $45 billion in mortgage-backed securities, both domestically and internationally, since 1987.

National Australia Bank (NAB) was the co-arranger for the transaction, while Westpac, Deutsche Bank, and NAB acted as joint lead managers.

The Resimac transaction is the latest in a suite of non-bank RMBS transactions in the past few months.

Non-bank lender Thinktank also recently priced its first RMBS for 2024 at $750 million, which increased from $500 million due to increased investor demand. The final order book for Thinktank’s RMBS was 1.5 times oversubscribed and reached more than $1.1 billion.

The issuance was the lender’s 15th transaction since the opening of Thinktank’s business in 2006 and brought the lender’s total securitisation issuance to $7.5 billion.

Australia’s largest inaugural RMBS issuance was priced in February this year by non-bank lender ORDE Financial at $1 billion, which doubled the previously largest transaction. ORDE Financial’s managing director Ryan Harkness said that the transaction was a key milestone that reflected the team’s dedication.

[Related: Resimac welcomes new CFO]