Westpac launches first RMBS in two years
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BN
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15/12/2009 12:00:00 AM
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In a positive sign for securitisation, Westpac launched its first residential mortgage-backed securities issue in two years.
The $1 bn issue is broken down into $920m of class A notes, $55m of class B notes and $25m of class C notes.
In a statement, Westpac said this issue reflects growing investor demand.
''The RMBS will be issued to maintain the diversity of Westpac's funding base and to continue Westpac's support for the Australian mortgage securitisation market,'' Westpac said.
The mortgage pool has a weighted average LVR of 58.3% and less than 1% have an LVR of greater than 80%. The average loan term is three years.
Pricing is expected to take place at the end of the week.
Westpac forays back into securitisation - Westpac could be the first major bank to successfully secure funds through securitisation in two years.
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