Pepper Money and ColCap (formerly Columbus Capital) have shown that there is still plenty of life in the RMBS market, with Pepper pricing a transaction that was upsized from A$650 million at launch to $1.25 billion and ColCap increasing the size of its latest deal from $750 million to $1.1 billion.

Pepper Prime 2022-2 Trust is the lender’s sixth public securitisation this year and brings the total of funds raised this year to $4.3 billion.

Pricing of the deal ranged from a margin of 155 basis points over the one-month bank bill swap rate for the A1 notes, 235 bps for the A2 notes, 290 bps for the B notes, 365 bps for the C notes and 420 bps for the D notes.

When Pepper priced Pepper Prime 2022-1 in March, it paid a margin of 96 bps for the A1 and A1-G (green) notes, 175 bps for the A2 notes and 210 bps for the B notes.

ColCap’s $1.1 billion transaction, Triton Bond Trust 2022-3, included a margin of 155 bps for the three-year A1-AU notes

Other lenders that got RMBS deals away in August include Liberty Financial, which completed a $600 million issue, Thinktank ($500 million) and Bluestone ($500 million).