Pepper Group sold a €100m tranche off its latest non-conforming Australian RMBS on Thursday, the second time in three months it has tapped European investors.
Books for the euro tranche off Pepper Group’s Australian RMBS Pepper Residential Securities 23 are over 1.2 times covered, although a large portion of the demand has come from the joint lead managers.
Westpac raised an upsized A$3bn (US$2.17bn) from its first RMBS issue since May 2015, last Friday’s self-led funding-only prime offering, WST 2019-1.
Non-bank lender Pepper Group has released initial guidance for the three senior Australian dollar tranches of its capped A$750m multi-currency non-conforming RMBS, Pepper PRS 23.
The A$300m refinancing of the Class A3 MEDL 2014-1 notes under the Medallion RMBS programme priced last Thursday at the tight end of revised one-month BBSW plus 100bp–105bp guidance. Initial price talk was in the 105bp area.
Bank investors took 35% of the sterling tranche from Clydesdale Bank’s Lanark 2019-1, according to statistics released at the start of last week.