Aussie RMBS tests demand for hard bullets
Bendigo and Adelaide Bank, an Australian regional lender, launched an innovative A$775m ($771m) residential mortgage-backed securitisation on Tuesday that incorporated hard bullet, soft bullet and floating rate tranches as issuers test new structures to tap different types of investor.
The deal from Bendigos Torrens programme follows hot on the heels of another RMBS bullet the first since 2004 from Bankwest at the end of November. But while Bankwest pioneered a soft bullet tranche, Torrens includes a hard bullet alongside two soft bullet tranches and five
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