Mixed RMBS milestone for Liberty
Liberty Financial on Friday concluded the largest mixed pool securitisation of prime and non-conforming mortgages for any Australian name since the GFC.At launch, the size of the transaction was put at in the order of A$700 million, but Liberty upsized the deal to $1.2 billion by its close on Friday.Liberty said this was its 39th public term securitisation in Australia. The financier weathered a downgrade in its credit rating by Standard & Poor's in March. S&P cut Liberty Financial counterparty credit rating to BBB- from BBB in May.Moody's Investors Service and Fitch Ratings rated $982 million of bonds in four tranches at Aaa/AAA bonds.Deutsche Bank was the sole arranger and joint lead manager alongwith Commonwealth Bank of Australia and National Australia Bank.