AIMS launches fourth domestic RMBS bond deal
10 June 2005 – AIMS Home Loans today announced the launch of its fourth Residential Mortgage-Backed Securities (RMBS) bond issue, amounting to $400 million. The bond issue has one senior tranche totaling $387.2 million, which is rated ‘AAA’ by Standard and Poors and Fitch Ratings. The subordinated B tranche of $12.8 million is rated ‘AA’.
One of the leading non-bank mortgage managers in Australia, AIMS funds its loan originations through its own bond issues, AIMS warehouse facilities and other funding programs.
Since September 2000, AIMS has issued over $2.5 billion in RMBS, as AIMS RMBS bonds or RMBS bonds through other funding programs. AIMS’ previous bond issues include: a $580 million tranche of RMBS issued in July 2004, a $580 million tranche of RMBS issued in July 2002, and a $270 million tranche of RMBS issued in September 2000.
AIMS is one of the select few non-bank mortgage companies in Australia with its own securitisation program.
On the bond issue, Michael Brink, Treasurer and Head of Securitisation of AIMS Home Loans, says, “As an issuer, it’s a good time to be going to market. In a broader sense for AIMS, as we ramp up our operations in China ahead of the WTO agreement which will liberalise access to the financial services sector in early 2007, this deal will underpin AIMS’ profile in China as an experienced and skilled home lender and RMBS issuer.”
AIMS has been actively involved in mortgage-backed securitisation in China. George Wang, Executive Director of the AIMS Group says, “the combination of AIMS’ experience in the Australian MBS market and AIMS’ deep involvement in China’s home loan lending market is valuable in assisting China’s mortgage-backed securitisation market moving forward. Such western experience plus our local knowledge of China has also attracted many lenders and MBS service providers both in China and outside China to work together with AIMS”.
Further, Brink adds, “The bond issue will raise further the profile of AIMS locally as a regular issuer of prime ‘AAA’ rated RMBS.”
AIMS’ profile has also been boosted considerably with the success of the AIMS Agency Network roll-out, AIMS’ high performing mobile consultant channel, and the recent launch of AIMS Third Party Lending handling third party origination as part of the AIMS Group of companies.
About AIMS Home Loans
AIMS Home Loans Pty Ltd is an Australian-owned, non-bank Mortgage Lender established in 1991. It is one of the first non-bank mortgage managers in Australia. AIMS offers a wide array of residential and commercial loans and other products tailored to meet each customer’s needs. It is now also offering consumers the AIMS Advantage American Express Credit Card.
AIMS has won over 30 industry-recognised awards in the last five years for excellence in mortgages. It aims to bring financial services back to the community by expanding its national branch network of community-focused finance centres.
Unlike other mortgage lenders, AIMS raises funds by issuing its own Residential Mortgage Backed Securities (RMBS), allowing it to offer more flexible lending policies with low rates and no hidden fees to customers. AIMS has directly and indirectly issued over $2 billion in RMBS bonds. Its securities are rated AAA by the prestigious Standard & Poor’s and Fitch Ratings.