Aura Group is pleased to announce that BNK Banking Corporation Limited (ASX:BBC) (“BNK”) has signed definitive legal documents for a A$250,000,000 prime residential mortgage warehouse program named the Bullion Warehouse Trust No.1 with a large domestic bank and Blackstone as key funding partners.
The principals of Aura Group co-founded Finsure Group which later merged with ASX listed Goldfields Money Limited in 2018 to create BNK. Aura Group was an early investor and advisor to Finsure Group including its merger with Goldfields Money.
Key Highlights
-
A$250,000,000 facility limit
-
3 year availability period (subject to annual reviews)
-
Senior funding to the warehouse program is provided by a large domestic bank
-
Junior funding to the warehouse program is provided by BNK and funds managed or advised by Blackstone
-
Perpetual Corporate Trust to act as Trustee, Security Trustee and Custodian
The new facility furthers a number of the BNK’s objectives, including:
-
Diversifying funding sources including securitisation;
-
Increasing funding stability, directly supporting lending growth aspirations; and
-
Broadening product capabilities in the mortgage sector.
The new facility is the first milestone in BNK’s securitisation program and comes at a time when funding costs in the RMBS market are extremely attractive.
Brett Morgan, CEO of BNK Bank said “The establishment of our first warehouse and securitisation program puts in place one of the key foundations to support BNK’s growth aspirations. This funding will improve loan economics and competitive positioning. It’s another key milestone for BNK following our inaugural Tier 2 Hybrid issuance in January. We look forward to working with our new partners to continue our strong growth trajectory.”
Important information
This page is provided by Aura Group and related entities and is only for information and general news purposes and does not constitute any offer or any such invitation of any sort or in any jurisdiction. You should not construe any such information or any material as legal, tax, investment, financial, or other advice. This email is intended for distribution only in those jurisdictions and to those persons where and to whom it may be lawfully distributed. All information is of a general nature and does not address the personal circumstances of any particular individual or entity. None of the information constitutes professional and/or financial advice, nor does any information constitute a comprehensive or complete statement of the matters discussed. The views and opinions expressed in this material are those of the author as of the date indicated and any such views are subject to change at any time based upon market or other conditions. The email may contain certain statements deemed to be forward-looking statements, including statements that address results or developments that Aura expects or anticipates may occur in the future. Any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected in the forward-looking statements. This email is for the use of only those persons to whom it is given. If you are not the intended recipient, you must not disclose, redistribute or use the information in this email in any way. If you received it in error, please tell us immediately by return email and delete the document.
Aura Group subsidiaries Aura Group (Singapore) Pte Ltd (Registration No. 201537140R) which is regulated by the Monetary Authority of Singapore as a holder of a Capital Markets Services Licence and Aura Capital Pty Ltd (ACN 143 700 887) Australian Financial Services Licence 366230 holder in Australia and its authorised representatives manage funds for accredited, qualified, wholesale, sophisticated and institutional investors only. This email only relates to general news and information only and should not be construed as an offer.
