BoQ looking to replicate RMBS success
By Andrea Lavigne
|
02 Feb 2010
The recent success of AMP and Westpac's RMBS transactions has inspired the Bank of Queensland to put forth a $500m RMBS issue.
The issue, called the 2010-1 REDS Trust series consists of three classes. Standard & Poor's gave the $462.5m Class A notes and $30m Class AB notes ratings of AAA, while the $7.5 Class B notes were rated AA-.
The regional bank is expected to price the securities around 10 February at a margin of about 130 bps above the bank bill swap rate – on par with AMP's recent issue.
Related stories:
AOFM invests $3.4bn in RMBS - The Australian Office of Financial Management announced yesterday it will invest up to $3.4bn in RMBS to five issuers.
AMP RMBS doubles in pricing - The first Australian RMBS of 2010 received strong investor interest, pricing at $1bn - almost twice the expected $543.5m.
Successful RMBS return for Westpac - Westpac has become the first major banks since the start of the GFC to issue an RMBS transaction.
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