Resimac prices non-conforming RMBS

Mortgage specialist Resimac has raised A$375 million of funding through an issue of residential mortgage-backed securities.

Resimac Bastille Series 2015-1NC is backed by a portfolio of non-conforming loans.

Resimac will pay a margin of 105 basis points on the $262.5 million A1 notes, which have a weighted average life of 1.8 years.

Pricing on the $45 million of A2 notes, which have a weighted average life of 1.8 years, was 135 bps over the one-month bank bill swap rate.

Pricing on the $43.1 million of B notes, which have a weighted average life of three years, was 190 bps over swap.

The $5.6 million of C notes were priced at 315 bps, the $7.5 million of D notes at 415 bps, the $4.5 million of E notes at 600 bps and the 3.7 million of F notes at 700 bps.

Pricing of prime RMBS issuance has gone up around ten bps to 15 bps since the market's peak of August and September last year, and the non-conforming market appears to be following the same pattern.

When Liberty Financial issued $500 million of non-conforming RMBS in November it paid 100 bps over the one-month bank bill swap rate on the top tranche of the deal. Pepper paid a margin of 95 bps on the top tranche of $400 million deal it did in October.