Investec’s R2 billion Residential Mortgage- Backed Securitisation Successfully Placed

Posted On Wednesday, 13 December 2006 02:00 Published by
Rate this item
(0 votes)
Investec successfully placed its first issue of R2 billion under its new R20 billion Residential Mortgage

Investec successfully placed its first issue of R2 billion under its new R20 billion Residential Mortgage-Backed Securitisation (RMBS) Programme, Private Residential Mortgages. Not only were all the classes of notes fully subscribed, the issue was over subscribed with total bids up to R2.7 billion

The issue comprised of Classes A1; A2; A3; B and C with a final maturity date of 15 November 2032. More specifically, Class A1 (Secured Floating Rate) and A2 (Secured Fixed Rate Notes) and A3 (Secured Floating Prepayment Rate Note) which received a Moody's rating of Aaa.za, raised R1 405 million; R230 million and R120 million respectively. The Class A1 Notes were issued at 0.40% above 3-month JIBAR (Johannesburg Interbank Acceptance Rate), the Class A2 Notes at 0.30% above 3-month JIBAR and A3 at 0.43% above 3-month JIBAR. The Class B Notes (rated Aa2.za) were priced at 0.55% above 3-month JIBAR, raising R93 million and the Class C Notes (rated A2.za) raised R152 million at a price of 0.75%. All the notes have been listed on the Bond Exchange of South Africa.

“The issue not only backed newly originated assets but also refinanced the existing assets under Private Mortgages 1. This refinancing caters for the redemption of Private Mortgages 1 on 15 December 2006. The issue also catered for the securitisation of jumbo loans (between R3 million and R5 million), a first for RMBS in South Africa. The Programme also allows Investec the flexibility to list and issue notes offshore catering for further investor diversification and funding flexibility,” said Marianna Papadopoulos, a Debt Capital Markets Consultant within Investec’s Treasury & Specialised Finance division.

Marianna further commented “The success of the transaction is a tribute to Investec’s high-quality home loan book and as evidenced by the success of its prior residential mortgage-backed securitisations schemes”.

Prepared by: Beachhead Media & Investor Relations
Sheri Cohen
011 214 2414 / 082 785 6164
This email address is being protected from spambots. You need JavaScript enabled to view it.

On behalf of:Investec Limited
Further info: Marianna Papadopoulos
011 291 6584 / 083 4086623
This email address is being protected from spambots. You need JavaScript enabled to view it.  


Publisher: Beachhead Media & Investor Relations
Source: Sheri Cohen

Most Popular

Attacq sees success with high-rise development The Mix

Sep 22, 2021
Giles_Pendleton_Attacq
Waterfall’s latest high-rise residential development, The Mix Waterfall, is approaching…

When can I cancel an Offer to Purchase?

Sep 22, 2021
News_from_Rawson_Property_Group
There’s nothing more exciting (or nerve-wracking) than submitting an Offer to Purchase on…

Serviced office space provider The Business Exchange opens in Cape Town

Sep 21, 2021
TBE_Cape_Town2
Serviced office space provider The Business Exchange (TBE) has extended operations and is…

Interest rates still on hold but scales start tipping towards a hike

Sep 23, 2021
Carmen_Nel_Matrix_Fund_Managers
The SARB Monetary Policy Committee (MPC) decided to keep the repo rate unchanged at 3.5%…

Please publish modules in offcanvas position.