Risk retention threatens as Firstmac taps US demand for Aussie RMBS

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By Tom Porter
27 May 2014

Firstmac is again showing faith in the appeal of Australian RMBS to foreign buyers by mandating leads for a part-US dollar transaction, following two sterling-denominated issues last year. The deal comes despite uncertainty over how US risk retention rules could affect Australian issuance in US dollars.

Non-bank mortgage lender Firstmac has hired JP Morgan and National Australia Bank to lead the sale of the US dollar notes. JPM and NAB will be aided by ANZ and Westpac in sale of the Australian dollar notes. 

The US dollar offering will be in 144a/Reg S format, and ...

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