AMP Bank confirms the Progress 2023-1 Trust Residential Mortgage Backed Securities (RMBS) has been upsized from A$500 million to A$750 million due to investor demand.
There were 17 investors in the transaction, of which approximately 35 per cent by number of accounts were real money investors, including interest from offshore investors.
AMP Group Treasurer and CFO AMP Bank, Jason Bounassif said:
“We are very pleased with the outcome given the recent volatility in the capital markets and welcome the support from investors, both new and existing.”
Details of the A$750 million issue are as follows:
Class |
Ratings by S&P / Fitch |
Issue size |
Expected WAL |
Interest rate |
A |
AAA(sf) / AAAsf |
A$690 million |
3.0 years |
BBSW1M +145bps |
AB |
AAA(sf) / AAAsf |
A$30.23 million |
5.3 years |
BBSW1M +240bps |
B |
AA(sf) / N.R. |
A$11.4 million |
5.3 years |
BBSW1M +310bps |
C |
A(sf) / N.R. |
A$7.5 million |
5.3 years |
BBSW1M +350bps |
D |
BBB(sf) / N.R. |
A$3.675 million |
5.3 years |
BBSW1M +420bps |
E |
BB(sf) / N.R. |
A$3.595 million |
5.3 years |
BBSW1M + 600bps |
F |
N.R./ N.R. |
A$3.6 million |
5.3 years |
BBWS1M + 695bps |
Westpac was the arranger of the transaction with Barrenjoey, Commonwealth Bank of Australia, Deutsche Bank, MUFG, NAB, Standard Chartered and Westpac as Joint Lead Managers.
The product issuer and credit provider is AMP Bank Limited ABN 15 081 596 009, AFSL and Australian credit licence 234517