Press releases
24 October 2007 - Liberty launches and prices third NZ RMBS issue
Liberty Financial today announced that it has launched and priced its third and largest issue of residential mortgage backed securities (RMBS) in New Zealand, the Series 2007-1 securitisation of $206 million of prime and non-conforming mortgages.
The Liberty Group’s Series 2007-1 issue follows the successful completion of an A$235 million SME/CMBS securitisation and the launch of an A$400 million commercial paper program earlier this month.
“There was strong interest in the transaction from domestic investors, “said Kevin Lee, Division Director at Macquarie. “This securitisation confirms that the capital markets will continue to support high quality issuers with demonstrated track records.“
“This issue highlights the importance of having a stand-alone operation based in New Zealand,” said Sherman Ma, Managing Director of Liberty. “The fund raising underscores Liberty’s commitment to New Zealand and bolsters our investment in Mike Pero and the recent migration of our portfolio servicing function to our Auckland office.”
Macquarie and Deutsche Bank were joint lead managers of the transaction.
The transaction comprises the following notes:
Class |
Ratings |
Size |
Weighted Average Life |
Legal Maturity |
Pricing |
A |
AAA |
$178.4m |
1.7 years |
20 May 2038 |
+70bps |
B |
AA |
$5.5m |
2.9 years |
20 May 2038 |
Undisclosed |
C |
A |
$6.6m |
2.9 years |
20 May 2038 |
Undisclosed |
D |
BBB |
$6.5m |
2.9 years |
20 May 2038 |
Undisclosed |
E |
BB |
$4.0m |
2.9 years |
20 May 2038 |
Undisclosed |
F |
NR |
$5.0m |
3.3 years |
20 May 2038 |
Undisclosed |
Liberty Financial is one of Australasia’s leading specialty finance groups. Its businesses include residential and commercial mortgages, business finance and motor vehicle finance in Australia and New Zealand. It employs over 250 professionals and has raised more than $10 billion from domestic and international capital markets. In the past 10 years, it has helped more than 100,000 customers achieve their financial goals.
To organise an interview or for more information, please contact::
Ana Maria Rivera, Head of Communications, Liberty Financial
Email arivera@liberty.com.au
