Aussie RMBS tests demand for hard bullets with new investors

Bendigo and Adelaide Bank, an Australian regional lender, is set to price an innovative A$775m ($771m) residential mortgage-backed securitisation on Friday that incorporates hard bullet, soft bullet and floating rate tranches as issuers test new structures to tap different types of investor.

  • 09 Dec 2010
The deal, from Bendigo’s 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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