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IMB makes a successful return to the RMBS market

Strong conditions in the residential mortgage-backed securities market this year have encouraged some old and new faces to join the usual suspects. In March, mortgage aggregator AFG did its first deal, and this week IMB Ltd launched its first transaction since 2010.IMB's A$300 million RMBS was priced yesterday. The group will pay 100 basis points over the one-month bank bill swap rate on its $279 million A tranche, which has a weighted average life of 3.5 years.Pricing on the $15 million AB tranche, which has a weighted average life of 6.8 years, is 170 bps over the swap rate.Pricing on the $6 million B tranche was not disclosed.Macquarie Bank was the sole arranger of the deal, and Macquarie and Westpac were joint lead managers.

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