RedZed treads rare RMBS path, sells subprime
Australian lender RedZed Lending Solutions made its debut in the residential mortgage-backed securities market this week, selling an A$80m ($82.3m) deal that offered investors a rare chance to get exposure to subprime mortgages in the country.
Commonwealth Bank of Australia was the sole bookrunner of the deal, only the second non-conforming and subprime mortgage securitisation sold in Australia this year, following a A$250m deal from Resimac in the middle of July.
The latest deal, RedZed Trust Series 2011-1, was split between six separate tranches, including
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