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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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 4,958 12 14.65
2 Lloyds Bank 3,788 10 11.20
3 Citi 3,743 11 11.06
4 Credit Suisse 3,195 5 9.44
5 Morgan Stanley 2,259 3 6.67

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1 Wells Fargo Securities 27,093.12 66 11.27%
2 Bank of America Merrill Lynch 26,825.12 72 11.16%
3 Citi 20,844.95 65 8.67%
4 Credit Suisse 19,870.33 54 8.26%
5 JPMorgan 19,527.22 62 8.12%