FirstMac began marketing a $416 million Aussie RMBS deal this week.
The structure will be backed by a pool of standard residential mortgages and has on offer $100m each in Class A-1 and Class A-2 notes with a weighted average life of 1.1 years and 1.5 years, respectively.
FirstMac will also offer $164m in Class A-3 notes, $35.77m in Class AB notes, $15.23m in Class B-1 notes and $1m in Class B-2 notes. The top four tranches were all rated AAA by Standard & Poor's, Class B-1 notes AA- and the Class B-2 notes were not rated.
Lead managers on the offer are ANZ, National Australia Bank and Westpac. The new RMBS deal follows the recent Macquarie A$750m offer, Puma Masterfund P-16.