Pepper spices up Australian RMBS with non-conforming

09 May 2012

Australian mortgage lender Pepper has closed the first securitisation of non-conforming loans in the country this year, raising A$300m ($304m) from a deal that could encourage more supply from specialist mortgage lenders after pricing inside guidance.

The originator got reverse enquiry for the deal after calling a pair of outstanding mortgage-backed issues that it sold in 2007. It used that demand to structure a multi-tranche securitisation that featured three senior tranches worth a total of A$248.4m — two of which priced inside final guidance. ...

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