AOFM selects three more mortgage funders
AMP Bank, Bendigo and Adelaide Bank and Credit Union Australia will be the next three mortgage funders to secure an investment from the Australian Office of Financial Management. The AOFM announced the selections in an operational notice yesterday.The AOFM has so far invested $2 billion in four pools of mortgage-backed securities originated by Challenger Financial Services Group, FirstMac, Members Equity Bank and Resimac.Assuming the AOFM invests $500 million in each of the three RMBS pools announced yesterday, the Australian government's debt manager will still be less than half way through an announced $8 billion investment program.Deutsche Bank and Westpac are the joint arrangers and joint lead managers of the RMBS issue for AMP Bank; Deutsche Bank and nabCapital are the joint lead managers for Bendigo and Adelaide Bank while Westpac is the arranger and lead manager of the issue by Credit Union Australia.The AOFM said it expected that the issues will be priced by mid March.