AFG is pleased to announce it has successfully priced its second Residential Mortgage Backed Securities (RMBS) transaction. The AFG 2013-2 Trust priced today with 14 investors both onshore and offshore participating.
This is the second RMBS transaction for AFG this year following on from a successful $275 million deal in March.
AFG CFO David Bailey explained the process; “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.”
The $300 million pool of home loans were originated through the AFG network and are managed by the AFG Home Loans and Securities teams. AFG has 10% of Australia?s total mortgage market. For the past twelve months the company?s 1,800 members have processed an average of $3.1 billion in home loans per month, of which approximately 5% have been own label mortgages.