IMB returns to CMBS market after four years, nets $208m
Australia’s IMB Building Society raised A$198.5m ($207.6m) this week, returning to the securitisation market for the first time in more than four years to pitch a commercial mortgage-backed deal.
Macquarie Bank arranged the transaction, alongside joint lead manager Westpac Banking Corp, and started pitching investors at around 10.30am (Sydney time) on Monday. The leads quickly got enough demand to close the top tranche of the transaction at 185bp over the one bank bill swap rate on Tuesday.
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