Non-bank lenders Firstmac and Pepper have raised $2.5 billion through the sale of mortgage backed securities on Thursday, defying the pressure created on local securitisation markets by a wave of UK pension fund selling.
Firstmac’s transaction raised $1.76 billion as the non-bank lender attracted support from Asian and Australian investors, marking the largest non-bank sale of residential mortgage backed bonds so far this year.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
