Credit Union Australia launches its first RMBS issue

Credit Union Australia has launched The Harvey Trust Series 2002-1, the organisation's first residential mortgage-backed securities notes issue. The RMBS was named in honour of one of the credit union's founders in the 1960s, Jack Harvey.

CUA's RMBS will be lead-managed by UBS Warburg Australia over three years to $750 million. The issued securities are backed by backed by first-ranking mortgage loans which were originated and serviced by the credit union.

CUA's managing director Graham Olrich said the Harvey Trust will provide some certainty for the credit union's funding requirements over the medium to longer term. CUA is the largest credit union in Australia and has over $1.8 billion in assets under management.