Largest domestic RMBS launched in Australia

Significant interest from European and Asian buyers helps boost issue size to A$1.45 billion.

RAMS Home Loans, one of Australia's biggest independent home loan originators, has launched the largest ever residential mortgage-backed securitization RMBS from Down Under. The A$1.45 billion $755.6 million transaction, for which JP Morgan acted as sole lead with Salomon Smith Barney as co-lead, bettered September's A$1 billion offering from Interstar Securities.

RAMS, established in 1991, funds itself exclusively through securitization and has now raised almost A$8 billion using this method. The latest deal is the issuer's 14th overall deal and 11th domestic offering, with the other three deals denominated in Euros.

The deal, issued via the RAMS Mortgage Corp special purpose vehicle SPV, is backed by a portfolio of over 9,500...

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