Pepper Money priced its seventh public securitisation of 2022 yesterday and, despite reports of UK investors selling off their Australian RMBS holdings and disrupting the market, pricing was little changed from the previous like-for-like deal in July.

Pepper raised A$750 million through an issue of non-conforming residential mortgage-backed securities, PRS 34. The company has raised a total of $5 billion in the securitisation market this year.

The A1-s notes, worth $225 million, were priced at 115 basis points over the one-month bank bill swap rate and the A1-a notes, worth $337.5 million, were priced at 175 bps over one-month BBSW.

The A2 notes, worth $105.7 million, were priced at a margin of 250 bps and the B notes were priced at a margin of 310 bps.

When Pepper priced its previous non-conforming deal in July, the margin on the A1-s notes was 115 bps, the A1-a notes 175 bps, the A2 notes 240 bps and the B notes 290 bps.

Pepper Money treasurer Anthony Moir said in a statement: “The ongoing support from debt capital investors for both Pepper’s prime and non-conforming issuance demonstrates the strength and longevity of our relationships and our ability to continue to fund Pepper’s sustainable growth regardless of market conditions.”

Other issuers to get RMBS deals away over the past month include Firstmac, Resimac, AFG, Mortgage House, AMP and Athena Home Loans.