CUA raises $700 million in latest round of wholesale funding

CUA raises $700 million in latest round of wholesale funding
CUA raises $700 million in latest round of wholesale funding

Australia’s largest credit union, CUA, announced that it has raised $700 million in wholesale funding from its latest securitisation.

The follows just six weeks after a successful Medium Term Note issuance for the member owned organisation.

CUA Deputy Treasurer Tim Moore said that they had committed to going to the investor market with these kind of Residential Mortgage Backed Security (RMBS) deals at least once per year. CUA’s last RMBS deal in June 2017 raised $900 million in funding.

Mr Moore said the Series 2018-1 Harvey Trust RMBS had attracted a good mixture of domestic and offshore investor interest, particularly from the UK and Australian Capital Cities.

“CUA has demonstrated strong financial performance over the past year, including strong home loan growth through both mortgage brokers and organic channels, and the performance of our home loan portfolio has a solid track record," he said.

Mr Moore concluded, “the funding raised from this RMBS deal will help support the strong lending growth we have seen over the past 6 months, and which has continued into the residential property market’s peak spring season."

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Capital Funding Cua

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