Mortgage lender Resimac has broadened the investor base for its residential mortgage-backed securities, including yen-denominated notes in an issue for the first time.

Resimac Premier Series 2020-3 includes a ¥18.7 billion soft bullet tranche with a weighted average life of four years, priced at 50 basis points over one-month yen Libor.

Resimac group treasurer Andrew Marsden said in a statement: “The inaugural yen securitisation creates new access to the Japanese capital markets and currency diversification, which is in line with our long-term funding strategy.”

Resimac is not the only securitiser that has looked to diversify this year, in response to COVID-affected market constraints. Liberty Financial issued ¥26.3 billion of notes as part of an RMBS issue in May.

Overall, the Resimac issue – its fourth this year – raised A$1 billion.

Pricing on the $650 million of A2 notes, which have a weighted average life of 1.9 years, was 120 bps over the one-month bank bill swap rate.

Resimac will pay a margin of 180 bps over BBSW on the $58 million of AB notes, which have a weighted average life of 3.8 years.

The margin on the $15 million of B notes, which have a weighted average life of 3.8 years, is 210 bps over BBSW and the margin on the $12 million of C notes, which have a WAL of 3.8 years, is 275 bps.