SYDNEY, March 27 (Reuters) - Australian non-bank financial lender Firstmac on Friday launched an A$880 million ($531.96 million) residential mortgage-backed securities (RMBS) issue, according to sole arranger JP Morgan.
ANZ Banking Group ANZ.AX , JPMorgan (NYSE:JPM), National Australia Bank NAB.AX and Westpac Banking Corp WBC.AX are the joint lead managers.
The issuance comes amid concerns of a slowdown in home sales in Australia and expectations of higher mortgage defaults after the country halted all housing auctions and inspections to contain the spread of the coronavirus.
Ratings agency S&P this week said it expects liquidity stress and delays in loan repayments to hit cash flows to Australia's RMBS transactions, despite recent support measures. ($1 = 1.6543 Australian dollars)