RMBS issuers walk from state scheme — for more state cash

29 Sep 2010

Australian issuers of residential mortgage backed securities (RMBS) are deserting a government programme to support serial issuers — as they can get more money from the government without it.

Members Equity raised A$1bn ($959.3m) last week after leaving the Australian Office of Financial Management’s serial investment programme and the debt agency agreed to invest A$290m outside the scheme, buying the entire A2 tranche.

The AOFM’s serial investment programme was set up in December 2009 to guarantee government support ...

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