Initially set at $750 million, the offering was doubled to $1.5 billion due to strong demand from investors.
This marks Liberty's eighty-fourth term securitisation and its 54th issuance of securities backed by a portfolio of residential mortgages.
Deutsche Bank led the arrangement, in collaboration with joint lead managers BofA Securities, Commonwealth Bank of Australia, National Australia Bank, SMBC Bank International plc, and Westpac Banking Corporation.
The issuance includes $1.5bn of notes, which have been rated by Moody’s Investors Service and Fitch Ratings. The notes are detailed as follows:
The rates for the Class B, C, D, E, and F notes have not been disclosed.
The RMBS issue is backed by a pool of residential mortgages with a conservative weighted average loan-to-value ratio of 62% and is seasoned at 17 months.
The transaction is scheduled to settle on March 25.
Peter Riedel (pictured), chief financial officer at Liberty, expressed gratitude for the investor support.
Liberty, named among Diversity Council Australia’s 2024-2025 inclusive employers and naming rights partner of Hockey One League, maintains a “STRONG” rating from Standard & Poor’s for servicing various types of loans and is distinguished as Australia’s only investment-grade rated non-bank issuer with a stable BBB rating by S&P.
The firm, whose operations span residential and commercial mortgages, motor vehicle finance, personal loans, business loans, and more, has raised more than $50bn in capital markets and assisted more than 900,000 customers with their financial needs, since its inception in 1997.
