BC Investment Group Successfully Issues A$507 Million RMBS

Apr 19

(19 April 2023 – Hong Kong) BC Investment Group (“BC Invest”), a diversified financial services group, c.53 % owned by Far East Consortium International Limited (“FEC”; Stock Code: 35.HK), has confirmed the successful issuance of its A$507 million Australian dollar-denominated Coventry 2023-1 Bond Trust, a residential mortgage-backed security (RMBS). The "AAA"-rated notes priced at 160bp plus 1m BBSW and accounted for 92% of the issued volume.

The transaction, BC Invest’s seventh RMBS issuance in the last two and a half years, was priced on 19 April 2023. The RMBS is backed by first mortgage loans to Australian resident borrowers, including Self-Managed Super Funds (“SMSF”) prime borrowers, secured by mortgages over Australian residential properties. This was the first RMBS issued by BC Invest that contained purely Australian domestic and SMSF prime borrowers and further evidences BC Invest’s shift towards a largely resident borrower RMBS program mix.

Commenting on the issuance, Mr. Chris HOONG, Chairman of BC Invest and Managing Director of FEC, said, “Once again, we are delighted to see BC Invest successfully tapping the RMBS market to facilitate the longer-term financing of its rapidly growing mortgage book. Despite the market facing headwinds, existing and new investors showed strong interest to participate. We believe that the solid fundamentals of the Australian RMBS market are being increasingly recognized by investors globally and this bodes well for the future. This marks BC Invest’s third series of RMBS issued (Ruby, Crimson and Coventry) with total RMBS funds raised now exceeding A$2.85 billion in the last two and a half years. The RMBS market is an integral part of our financing strategy.”

Mr. David Hinde, Chief Executive Officer of BC Invest, said “The successful launch of our entirely new Coventry bond program is a key milestone for BC Invest. The new program comprises purely Australian-resident borrower mortgages, reflective of our focus on this very substantial market segment. The transaction garnered strong support from both domestic and offshore investors and enabled an upsize in the bond from A$406 million to A$507 million.

We are proud of the tremendous progress we have made over the last 5 years, growing from A$200 million in loan assets to today A$5 billion. We expect our loan book to exceed A$10 billion within the next 2 years."

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About BC Investment Group

BC Investment Group (“BC Invest”) is one of the leading Asian financial services groups headquartered in Hong Kong and operating across Australia, Mainland China, the United Kingdom, Singapore, Vietnam, Philippines and Malaysia. With FEC’s support, BC Invest launched one of Australia’s first lending products for borrowers earning foreign income in 2016 and is now ranked as one of the top lender in Australia servicing non-resident borrowers.

It’s Australian lending entity-BC Securities Pty Limited – is a non-bank lender with a dedicated residential real estate finance team that specializes in mortgage lending to both Australian residents and non-residents, expatriates, Self-Managed Super Funds and small businesses in Australia. In March 2023 BC Invest completed the full acquisition of Mortgageport Management Pty Ltd, an Australian specialist prime mortgage lender with A$1.6 billion of loans under management, increasing BC Invest’s loans under management to A$5.2 billion.

About Far East Consortium International Limited

Far East Consortium International Limited (“FEC”, together with its subsidiaries, the “Group”) has been listed on the Hong Kong Stock Exchange since 1972 (HKEx Stock code: 35.HK). The Group (excluding BC Invest) is mainly engaged in property development and investment, hotel development and management, car park operations and facilities management, securities and financial product investment and gaming and related operations. The Group adopts the diversified regional strategy and the “Asian Wallet” strategy with business covering Hong Kong, Mainland China, Australia, New Zealand, Malaysia, Singapore, the United Kingdom and other European countries.

FEC official website: