Pepper brings second RMBS of the year with €100m green tranche
Non-bank lender Pepper Group is bringing a A$750m RMBS via arranger Commonwealth Bank of Australia with euro and dollar tranches included. Pepper Residential Securities Trust No. 24 is backed by non-conforming mortgages concentrated in Western Australia.
Four triple-A rated tranches are listed in the capital stack, including a $150m tranche and a €100m euro tranche. The dollar bonds will be floating rate over one month Libor and the euros over over three-month Euribor.Also on the deal are Westpac, National Australia Bank, Citi, ...
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