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Firms advise on big post-GFC RMBS issue

Firms advise on big post-GFC RMBS issue


Financial institution ME has undertaken its biggest issue of residential mortgage-backed securities (RMBSs) since the global financial crisis.

Firms: Norton Rose Fulbright (ME); Henry Davis York (trustee and security trustee); Chapman Tripp (New Zealand counsel for the manager); Nishimura Asahi (Japanese counsel for the manager)

Deal: ME, operator of ME Bank, has issued residential mortgage-backed securities (RMBSs).

Value: $1.5 billion

Area: Banking and finance

Key players: Scott Millar (pictured) led the NRF team and was supported by a team in Melbourne and Sydney including Adele Gray, Clare Samson, Claire Falkner, Vittoria Casamento and Aaron Mundy. David Shearer and Vishal Mawkin (London) and David Johnson (Hong Kong) also advised on the transaction.

Deal significance:
According to NRF, ME recently launched SMHL Series Securitisation Fund 2015-1 and in the process raised $1.5 billion. The transaction structure provided for six classes of bonds, with the two most senior tranches, Class A1 Bonds and Class A2 Bonds, to be listed on the Irish Stock Exchange.

NRF offices in Australia, Asia and Britain coordinated on the deal.  

Mr Millar said the deal reflected ME’s ability to raise large amounts of money in the current climate at good pricing levels.

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