Briefs: Select CU members support merger with Encompass, Bluestone launches RMBS, Citigroups issues
Select Credit Union is half way to achieving its planned merger with Encompass Credit Union. More than 93 per cent of the 1300 or so Select members that voted endorsed the plan. Encompass members will vote next week. The merged mutual will have A$620 million in assets, based on their June 2015 data, making it one of the 30 largest credit unions in Australia. Non-conforming lender Bluestone Group has launched an issue of mortgage-backed securities, seeking A$200 million of funds. The issue is backed by non-conforming mortgages originated by Bluestone. Sapphire XIV Series 2016-1 Trust includes loans in arrears - 7.7 per cent were 30 days or more in arrears and 1.9 per cent were 90 days or more in arrears. Citigroup has issued A$750 million of medium term notes. The $150 million five-year fixed-rate tranche has a semi-annual coupon of 3.75 per cent. The $600 million floating-rate tranche was priced at a margin of 155 basis points over the three-month bank bill swap rate. ANZ, Citi and NAB were the joint lead managers.