BNK Banking Corporation Limited (ASX: BBC) Settles A$347.1M RMBS
Successful RMBS Issuance
BNK Banking Corporation Limited (ASX: BBC) has successfully settled a A$347.1 million near prime Residential Mortgage-Backed Security (RMBS) transaction named “Robusta 2024-1.” This marks the first issuance of Goldman Sachs’ specialist residential warehouse assets, where BNK acts as Originator, Manager, and Servicer. The AUD A-L tranche, rated ‘AAAsf’ by Fitch, was priced at 135 basis points over 1-month BBSW.
Executive Insights
CEO Allan Savins expressed satisfaction with the strong investor demand for the RMBS issuance, stating, “Investor appetite for our inaugural near prime RMBS issuance was pleasingly strong, and issuance conditions remain supportive of our growth objectives throughout 2025.” Goldman Sachs functioned as the Arranger for the transaction, supported by National Australia Bank Limited and Westpac Banking Corporation as Joint Lead Managers.
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