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ISCOVER
The leading aggregator has successfully priced a residential mortgage-backed security (RMBS) at $300 million.
AFG’s 2013-2 Trust has priced with a total of 14 onshore and offshore investors participating.
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The RMBS issue follows a $350 million dollar issue by Pepper earlier this month.
AFG chief financial officer David Bailer said the transaction was particularly pleasing following the aggregator’s previous $275 million RMBS transaction in March of this year.
“We aimed to complete two RMBS transactions in calendar 2013 and what is particularly pleasing is for us to welcome a number of new investors to our program, and to also complete a slightly larger overall transaction size,” he said.
The $300 million pool of home loans originated through the AFG network and is managed by the AFG Home Loans and Securities teams.
For the past 12 months, the company’s 1,800 members have processed an average of $3.1 billion in home loans per month, of which approximately five per cent have been own label mortgages.
