Thinktank Completes A$1 Billion Residential Securitisation Transaction achieving a Major Milestone
Thinktank has just completed a landmark A$1 billion residential mortgage-backed securities (RMBS) transaction, its third capital markets transaction in 2025.
The issuance marks Thinktank’s 21st transaction since its founding in 2006 and highlights the company’s rising scale and market prominence, with assets under management about to exceed A$8.0 billion.
Thinktank’s total issuance between residential mortgage-backed securities (RMBS) and commercial mortgage-backed securities (CMBS) formats, now exceeds A$11 billion, across 21 transactions.
Thinktank takes a programmatic approach to issuing bonds in capital markets and benefits from longstanding institutional investor relationships that have supported it across cycles. Having successfully concluded its planned RMBS issuance in Q4 2025, the firm is now looking ahead to 2026, where it expects to maintain a similar issuance pattern with two RMBS and one CMBS spread across the year.
Thinktank CEO Jonathan Street said: “The transaction represents a great milestone for Thinktank while reflecting the health of the market generally and has been underscored by keen participation from both existing investors while also welcoming a number of new investors into our RMBS program.”
The final order book attracted interest from 22 institutional investors, with 53 per cent representing domestic accounts and 47 per cent from offshore participants.
Bank balance sheets accounted for just 32 per cent of the final order book, with real money investors comprising the remainder at 68%.
Pricing details were disclosed across the capital structure, with the S&P and Fitch AAA rated Class A1-S Notes set at a margin of +0.70 per cent above the 30-day Bank Bill Swap Rate, the AAA rated Class A1-L Notes at +1.00 per cent and the AAA rated Class A2 Notes at +1.10 per cent. Notably, the Class A1-S Notes priced in line with guidance, while the Class A1-L and Class A2 Notes priced at the tighter end of guidance underscoring strong investor demand and a positive market reception.
The pool of 1,434 first mortgage loans with an average size of $697,343 while 89.4 percent of properties were in major metropolitan areas with 10.6 percent in urbanised non-metro locations.
The successful bond issue highlights the sustained quality and consistency of Thinktank’s commercial and residential loan books over the long-term.
Mr Street concluded,
“This transaction is a testament to the enduring strength of our business and the trust our investors continue to place in us. We remain very focused on pursuing disciplined growth, supporting brokers and customers across both the residential and commercial sectors, and continuing to deliver long-term value to the market.”
