Heritage gets rare support for subordinated RMBS tranches
Heritage Building Society priced an increased A$800m ($856.1m) residential mortgage-backed securitisation on Monday, returning to the market after a five year absence — and taking the ambitious decision to sell its entire subordinated tranche.
Heritage boosted the size of its deal from A$500m, selling a A$749.6m A note for 110bp over the one month bank-bill swap rate; a A$21.6m AB note for 195bp over BBSW; and a A$28.8m B tranche for which pricing was not disclosed.
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