Lender Resimac priced an issue of non-conforming residential mortgage-backed securities on Friday, making it the third lender to issue non-conforming or non-prime securities this year.
Resimac raised A$300 million from the issue, Resimac Bastille Series 2012-1NC. It will pay 165 basis points over the one-month bank bill swap rate on the $208.2 million A1 tranche, which has a weighted average life of 1.8 years and an AAA rating.
Pricing on the $34.8 million A2 tranche, with a weighted average life of 3.7 years and an AAA rating, was 230 basis points over the swap...
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