RESIMAC Triomphe Trust - RESIMAC Premier Series 2018-1 Prime RMBS Assigned Preliminary Ratings

Stocks and Financial Services Press Releases Monday May 14, 2018 09:18
MELBOURNE--14 May--S&P Global Ratings

MELBOURNE (S&P Global Ratings) May 14, 2018--S&P Global Ratings today assigned its preliminary ratings to eight classes of prime residential mortgage-backed securities (RMBS) to be issued by Perpetual Trustee Co. Ltd. as trustee for RESIMAC Triomphe Trust - RESIMAC Premier Series 2018-1 (see list). RESIMAC Triomphe Trust - RESIMAC Premier Series 2018-1 is a securitization of prime residential mortgages originated by RESIMAC Ltd.

The preliminary ratings reflect:
  • Our view of the credit risk of the underlying collateral portfolio, including that this is a closed portfolio, which means no further loans will be assigned to the trust after the closing date.
  • Our view that the credit support is sufficient to withstand the stresses we apply. This credit support comprises note subordination for the rated notes and lenders' mortgage insurance to 35.6% of the portfolio, which covers 100% of the face value of these loans, accrued interest, and reasonable costs of enforcement.
  • Our expectation that the various mechanisms to support liquidity within the transaction, including a liquidity facility equal to 0.75% of the outstanding balance of the notes, and principal draws, are sufficient under our stress assumptions to ensure timely payment of interest.
  • The extraordinary expense reserve of A$250,000, funded by RESIMAC Ltd. before closing, available to meet extraordinary expenses. The reserve will be topped up via excess spread if drawn.
  • The benefit of a cross-currency swap to hedge the mismatch between the Australian dollar receipts from the underlying assets and the U.S. dollar payments on the class A1 notes to be provided by National Australia Bank Ltd.
  • The management of interest-rate risk. Interest-rate risk between any fixed-rate mortgage loans and the floating-rate obligations on the notes are appropriately hedged via interest-rate swaps to be provided by National Australia Bank Ltd. and Westpac Banking Corp. In addition, National Australia Bank Ltd. Will provide a liability swap to hedge the fixed interest rate payable semiannually on the class A3a notes and the variable rate received on the underlying mortgages.

A copy of S&P Global Ratings' complete report for RESIMAC Triomphe Trust - RESIMAC Premier Series 2018-1 can be found on RatingsDirect, S&P Global Ratings' web-based credit analysis system, at http://www.capitaliq.com.

PRELIMINARY RATINGS ASSIGNED
Class Rating Amount (mil.)
A1 AAA (sf) US$210.00
A2 AAA (sf) A$288.75
A3a AAA (sf) A$50.00
A3b AAA (sf) A$62.50
AB AAA (sf) A$47.25
B AA (sf) A$11.25
C A (sf) A$7.50
D BB (sf) A$6.00
E NR A$3.00
NR--Not rated.

Latest Press Release

Fitch Rates ICBCTL#s Senior Notes #AAA(tha)#

Fitch Ratings (Thailand) Limited has assigned ICBC (Thai) Leasing Company Limited's (ICBCTL, AAA(tha)/Stable/F1+(tha)) upcoming long-term senior unsecured notes a National Long-Term Rating of 'AAA(tha)'. The notes will be issued under ICBCTL's THB30...

UnionPay offers foodies exclusive fine dining experiences at a special price At Bangkok Restaurant Week 2018

The highly anticipated Bangkok Restaurant Week 2018 from Wongnai is here. The annual festival is bringing foodies fine dining experiences and special deals from over 50 most well-known restaurants across Bangkok. UnionPay, the best payment companion for...

TCEB unveils its 2019 strategy under a brand-new campaign Thailand: REDEFINE Your Business Events

TCEB today announced a launch of its new brand marketing communication campaign "Thailand: Redefine Your Business Events". The new campaign has prompted the bureau to redefine its role as an industry's partner for success. Tapping into the growing...

L1 Treasury จับมือ Airborne Capital ทุ่มทุน 250 ล้านดอลลาร์สหรัฐ เปิดตัว AltitudeOne Aviation

- AltitudeOne Aviation Ltd ("AltitudeOne Aviation") เป็นธุรกิจร่วมทุนที่เปิดตัวโดย LetterOne Treasury Services SA ("L1 Treasury") และ Airborne Capital Limited ("Airborne Capital") - AltitudeOne Aviation จะลงทุนในพอร์ตหลากหลายประเภท...

L1 Treasury and Airborne Capital Commit US$250m to Launch of AltitudeOne Aviation

- AltitudeOne Aviation Ltd ("AltitudeOne Aviation") is a venture launched by LetterOne Treasury Services SA ("L1 Treasury") and Airborne Capital Limited ("Airborne Capital") - AltitudeOne Aviation will invest in a diversified portfolio of in-production...

Related Topics