IMB keeps RMBS rolling with Illawarra issue

30 Mar 2010

Building society IMB priced a A$300m ($271m) residential mortgage-backed securitisation on Friday, launching the senior triple-A tranche in line with guidance at 135bp over swaps.

The deal, Illawarra Series 2010-1 RMBS, is split into three floating rate, pass-through tranches, a $280.5m triple-A rated class ‘A’, a $11m triple-A rated class ‘AB’ and a $8.5m class ‘B’, rated AA-. Class ‘AB’ was priced at 175bp over the bank bill swap rate while class ‘B’ ...

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