AIMS unveils new bond issue

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AIMS Home Loans has launched a new $346m bond issue. The launch is its fifth ever Residential Mortgage-Backed Securities (RMBS) issue and will be offered to the public in two separate tranches, the first at $329.7m and the second at $16.3m. The first tranche is rated as AAA by Standard & Poor's and Fitch, while the second is rated at AA. AIMS funds its loan originations through its own bond issues and is one of the select few non-bank mortgage companies in Australia with its own securitisation program. Michael Brink, treasurer and head of securitisation at AIMS Home Loans, said: "The current issue continues to build the profile of AIMS as a regular issuer of AAA-rated RMBS, and this enhanced profile will assist AIMS in developing its rapidly growing China mortgage businesses." Since September 2000, AIMS has issued over $2.9bn as AIMS RMBS bonds or RMBS bonds through other funding programs. Previous bond issues include a $400m tranche of RMBS issued in June 2005, a $580m tranche issued in July 2004, a $580m tranche issued in July 2002, and a $270m tranche of RMBS issued in September 2000. The AIMS 2000 and 2002 issues have since been fully repaid to investors.

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