Non-bank lender and wealth manager La Trobe Financial has been recognised for having orchestrated the best Australian securitisation deal of 2020 at the KangaNews Awards.
The award-winning deal involved a $1.25bn global RMBS raising, which La Trobe kicked off in May of last year; it was additionally notable in that it was able to reopen Australian debt capital markets amid the volatility caused by the COVID-19 pandemic.
The transaction garnered support from institutional investors not only in Australia, but from global investment houses in Asia, the US, and Europe.
Macquarie Bank's Alan Cameron, who was involved with the arrangement of the deal, said the deal was a true "milestone".
"It effectively reopened global RMBS markets after the initial COVID-19 market closure," he explained.
Also notable, the strong investor demand for the raising meant no further support was required from the federal government's Australian Office of Financial Management.
Martin Barry, La Trobe Financial CFO, said the successful completion of the deal indicated strong investor confidence in Australia’s "superior COVID-19 outcomes" and "high-quality nature" of mortgage credit as an asset class.
"The transaction was the largest RMBS deal during the peak of the pandemic and at the time was instrumental in returning markets to a more normal level post the onset of COVID-19," he said.
Greg O'Neill, La Trobe Financial's president and CEO, added that the recognition reflects the group's robust execution ability.
"La Trobe Financial’s high quality assets, platform and long consistent track record as Australia’s oldest diversified wealth manager enabled us to implement this transaction in a challenging environment," he said.
"We have built a disciplined investment strategy and continue to deliver outstanding returns for all of our investors.”