Pepper Money upsizes and prices I-Prime securitisation raising $850 million

Posted 15-09-2021


Pepper Money Limited I-Prime 2021-2 transaction was priced today, with the transaction upsized from $700 million to $850 million with all tranches well covered.

The A1 notes priced at the tightest level achieved by Pepper Money since before the GFC and 10bps better than the I-Prime 2021-1 deal priced in March 2021.

Pepper Money CEO Mario Rehayem said, “We are delighted to see the continued strong support from new and our long-term investors in debt capital markets for our Prime and Non-Confirming issuances.

“This deal positions us well to leverage the opportunities for ongoing growth available to us, in particular in the underserved segments of the mortgage market where we have a strong track record and compelling customer value propositions.”

Pepper Money Treasurer Anthony Moir said, “The strong market response to this deal is again testament to Pepper’s well-established investor relationships and exemplary track record of calling every term deal at the first opportunity and providing an attractive investment proposition for investors.”

Pepper Money thanks National Australia Bank (Arranger), Commonwealth Bank of Australia, The Hongkong and Shanghai Banking Corporation Limited, and Westpac Banking Corporation for their work as Joint Lead Managers.

Pepper Money thanks Bank of China Limited, Singapore Branch and SMBC Nikko Capital Markets Limited for their work as Co-Managers.

This is Pepper’s second I-Prime deal for 2021, and fourth public securisation for the year bringing funding raised from public markets to $3.2 billion in 2021. Pepper has raised in excess of $26.5 billion across 45 RMBS and ABS transactions since 2003. The transaction will settle on 22 September 2021.

 

For more information please contact:

Investor relations contact
Catherine Buckmaster
P: +61 2 7227 3879
cbuckmaster@pepper.com.au

Media contacts
Helen Karlis                                                        
Domestique Consulting                                      
M: 0419 593 348 
helen@domestiqueconsulting.com.au

Celia Moore                                                        
Domestique Consulting                                      
M: 0432 344 069
celia@domestiqueconsulting.com.au