AMP to sell $543.5m RMBS
By
Andrea Lavigne
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18/01/2010 12:00:00 AM
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AMP Bank launched a $543.5m RMBS issue supported by the AOFM.
The issue, called Progress 2010-1 Trust, includes a $500m A tranche, rated AAA with a weighted life of three years; a $30.5m Class AB, rated AAA with a life span of 5.2 years; and a $13m Class B, rated AA- with a life space of 5.2 years as well. Final maturity is December 2040.
Low doc loans make up 2% of the portfolio.
Deutsche Bank and Westpac are joint leads of the issue which is expected to be priced on February 22.
The AOFM doubled its initial $8bn investment into RMBS last year in an effort to boost securitisation and increase competition in the lending sphere.
Related stories:
Successful RMBS return for Westpac - Westpac has become the first major bank since the start of the GFC to issue an RMBS transaction.
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