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Pepper Group raises A$1B in mortgage-backed securities issue

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Pepper Group raises A$1B in mortgage-backed securities issue

Pepper Group Ltd. priced a A$1 billion residential mortgage-backed securitization.

The issuance of its Pepper Residential Securities Trust No. 20 was done in several tranches, according to a March 22 release.

The senior US$150 million one-year bullet note was priced at 50 basis points above the one-month U.S. London Interbank Offered Rate, while the senior A$205 million and A$300 million pass-through notes were priced at 65 basis points and 120 basis points, respectively, above the one-month Bank Bill Swap Rate. The A$130 million Class A2 notes and A$85 million class B notes were priced at 155 basis points and 190 basis points, respectively, above the one-month Bank Bill Swap Rate.

National Australia Bank was the arranger for the securitization with nabSecurities LLC and Citigroup Global Markets Inc. as joint lead managers.