The securitisation sector remains a focus of the AUD market with new domestic deals priced by AMP Bank and Heritage Bank. Elsewhere, the Australian domestic market experienced a number of firsts with Banco Sandander-Chile's debut deal, Westpac Institutional Bank debuting in the new-style wholesale tier-two market, a first AUD covered bond from National Australia Bank and SGSP Assets Australia's first AUD deal since its change in ownership.

On March 7, Westpac Banking Corporation (Westpac) (AA-/Aa2) priced its Australian dollar benchmark tier-two floating rate note (FRN) transaction. The deal is a Basel III compliant tier-two institutionally targeted transaction with a five-year non-call period.

AMP Bank priced its first prime residential mortgage-backed securities (RMBS) issue of 2014, on March 4. Progress 2014-1 Trust RMBS (Progress 2014-1) has a four-tranche structure and was upsized from its indicative aggregate volume of A$500 million (US$446.5 million).

Heritage Bank has priced a new HBS series Australian residential mortgage-backed securities (RMBS) issue – its first since 2011. HBS Trust 2014-1 is backed by first-ranking Australian residential mortgages originated by Heritage Bank and has a three-tranche structure with an aggregate volume of A$400 million (US$360.5 million).