Residential and commercial property lender RedZed had three banks taking indications of interest for a $500 million residential mortgage backed securities issue on Tuesday morning.Potential investors were told to expect RedZed Trust Series 2022-2 to launch next week, and settlement around July 14.
They were told pricing would land between 1.05 per cent to 1.10 per cent margin for the top-most tranche, which was rated AAA by SThe issue would be secured against RedZed’s mortgages over Australian residential properties, and was structured as fully amortising Australian dollar floating rate loans.
National Australia Bank was the arranger. It was also one of the three joint lead managers, alongside Commonwealth Bank of Australia and Westpac Banking Corporation. They expected to raise $500 million, with room to go up to $600 million depending on demand.RedZed’s been in business since 2007 and had $3.07 assets under management as at April.
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Source: FinancialReview - 🏆 2. / 90 Read more »
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