Mortgage Business Pepper issues second RMBS for 2021 By Reporter 30 April 2021 The non-bank lender has priced a $750-million non-conforming transaction, with pricing for the AI notes at the lowest price since before the GFC. Pepper Group has announced that it has priced a $750-million residential mortgage-backed securities (RMBS) transaction called the PRS29. The non-conforming transaction has marked the non-bank lender’s second securitisation this year. According to Pepper, the PRS program comprises a mix of non-conforming and prime mortgages and is designed to boost the funding of its asset originations. The arranger for the transaction was Westpac, while the Commonwealth Bank of Australia (CBA), National Australia Bank (NAB) and Macquarie Bank acted as joint lead managers.