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RESIMAC Triomphe (Premier 2017-2): 08 August 2017

Another residential mortgage loan securitisation from originator RESIMAC. RESIMAC is the pioneer of Australian RMBS, being the first issuer, in 1988, and since then has issued over A$11 billion through numerous domestic and international RMBS issues.

The notes will be collateralised by a pool of 2,011 mortgage loans secured on 2,093 properties located in Australia, with the average current balance being A$372,948 and the largest current balance being A$2.095mln. Borrower type (by current balances): Owner Occupied 62.59%, Investment 37.41%. Mortgage type: Interest only 52.81%, Principal & Interest 47.19%. Mortgage Insurance (by current balances): none 71.04%, Genworth 25.99%, QBE 2.94% and HLIC 0.03%. The WA current LVR is 66.71% (original LVR was 73.38%) and the WA seasoning is 19.79 months. Regional distribution: NSW Metro 36.13%, VIC Metro 24.90% and QLD Metro 7.91%.

CRR 405: On the Closing Date and for so long as any Offered Notes remain outstanding, RESIMAC will, as an “originator” for the purposes of the EU Retention Rules, retain a material net economic interest of not less than 5% in this securitisation transaction in accordance with the EU Retention Rules. As at the Closing Date, the EU Retention will be in the form of pro rata retention in each of the tranches sold or transferred to investors as provided for in paragraph (a) of Article 405(1) of the CRR, Article 51(1)(a) of the AIFM Regulation and Article 254(2)(a) of the Solvency II Regulation, and will be comprised by RESIMAC holding 100% of the shares in the Retention Vehicles which will, between them, hold not less than 5% of the aggregate Invested Amount of each Class of Notes issued.

Compare/contrast: RESIMAC Triomphe 2017-1, La Trobe Financial 2017-1, Redzed Trust Series 2017-1