Heritage shows creative side on A$500m RMBS
Heritage Building Society launched a A$500m ($535.2m) residential mortgage-backed securitisation this week, its first public deal in over five years. The issuer adopted a structure that resembles other recent Australian deals — but it had to get creative to do so.
The lender is splitting its transaction between a A$468.5m ‘Class A’ tranche that has a 2.8 year weighted average life — in line with other recent deals that have pitched a three year tenor — and a A$13.5m ‘AB’ note and A$18m ‘B’ note that both have a
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