17 August 2012 7:00am

Lender Firstmac has launched its second issue of residential mortgage-backed securities in the past few weeks.

On 3 August, Firstmac priced a A$300 million RMBS issue, paying 160 basis points and 210 basis points over the swap rate, respectively, on the top tranches.

Firstmac is aiming to raise $80 million with its latest issue – Firstmac Mortgage Funding Trust No.3 Series 2-2012.

Collateral for the issue is a pool of prime mortgages. The A1, A2 and AB tranches have preliminary ratings of AAA from Standard & Poor’s.

About 48 per cent of the loans in the...