SFSF BWIC Update 2 - Reserve Pricing
The AOFM advised the market on January 15 2025 of its intention to sell the Structured Finance Support Fund’s (SFSF) remaining public RMBS via a ‘Bids Wanted in Competition’ (BWIC) process, in the last week of January 2025.
This notice provides details on the reserve clean prices the AOFM has set for the securities offered through the BWIC.
The SFSF public securities to be offered via BWIC are:
| ISIN | Name |
Original Face Value ($AUD) |
Reserve Clean Price |
| AU3FN0048039 | FirstMac 2019-2 A2 |
18,000,000 |
100.600 |
| AU3FN0048047 | FirstMac 2019-2 AB |
45,000,000 |
100.700 |
| AU3FN0048054 | FirstMac 2019-2 B |
9,000,000 |
100.800 |
| AU3FN0048062 | FirstMac 2019-2 C |
7,000,000 |
101.250 |
| AU3FN0051991 | FirstMac 2019-4 D |
2,900,000 |
101.700 |
| AU3FN0053633 | FirstMac 2020-1 A1 |
107,500,000 |
100.250 |
| AU3FN0053641 | FirstMac 2020-1 A2 |
66,500,000 |
99.450 |
| AU3FN0053658 | FirstMac 2020-1 AB |
8,250,000 |
101.600 |
| AU3FN0053666 | FirstMac 2020-1 B |
1,000,000 |
101.950 |
| AU3FN0053674 | FirstMac 2020-1 C |
1,270,000 |
102.600 |
| AU3FN0053682 | FirstMac 2020-1 D |
4,620,000 |
103.450 |
The banks acting on the AOFM’s behalf with respect to the BWIC are Deutsche Bank, Macquarie Bank, National Australia Bank and Westpac Banking Corporation (‘the Banks’). The AOFM assumes that market participants know who the relevant contact persons are at each of these banks.
The AOFM will only accept bids through the Banks on a clean price basis expressed in dollars per $100 of face value to three decimal places and will only accept individual bids for the full balance of the original face value of each security (i.e. no partial bids) offered and will not accept bids below the reserve price.
The AOFM is opening the BWIC to the market at 10:00am January 28 2025 by publishing the reserve clean prices for each security at this time. Bids are to be submitted to the Banks. Any bids submitted directly to the AOFM will not be accepted. The AOFM will close the BWIC at 10:00am January 29 2025. At this time, the AOFM will evaluate the bids received and will allocate the securities to the highest clean price bid received for each security subject to the reserve price. The AOFM will inform the Banks of the successful bids prior to 11:00am January 29 2025.
Where more than one bid is received for the same security at the same highest bid, the AOFM will allocate the holding equally as practicable between those bids.
Settlement of successful bids will occur on January 31 2025 and the AOFM will update the SFSF investment reporting at this time. This reporting will include the clean sale price for securities which were sold through the BWIC.
