Login
ISCOVER
The government’s $8 billion injection into the Residential Mortgage Backed Securities (RMBS) has found its first recipient with the Australian Office of Financial management (AOFM) looking set to invest $263 million in FirstMac’s $400 million issue according to The Australian.
The company’s chief financial officer, James Austin, said while FirstMac was currently seeking support from the government, the markets were recovering strongly which would put the non-bank lender in a strong position to do an RMBS issue without government involvement.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
FirstMac secured $1 billion in support from the first tranche of AOFM funding.
Mr Austin is also confident that the outlook for securitisation is improving.
“Probably not today, but the rate of improvement in the markets is quite rapid, so maybe in four weeks or so we could be in a position to do an issue without the AOFM,” Mr Austin told The Australian.
