Resimac prices A$500 million in the first transaction under its Avoca programme [UPDATED]

Resimac's latest Australia dollar-denominated residential mortgage-backed securities (RMBS) issue was launched and priced on November 11. The transaction – Avoca Series 2014-1 RMBS – is an Australian prime RMBS secured by a portfolio of prime residential mortgage loans originated by RGH and serviced by The Servicing Company, a wholly owned subsidiary of Resimac. According to Moody's Investor Service (Moody's), Resimac acquired the A$1.77 billion (US$1.53 billion) portfolio of prime mortgages from RHG in January 2014.