BOQ launches 2019-1 REDS RMBS deal
- Monday, 19 August 2019
On 19 August, Bank of Queensland (BOQ) launched its residential mortgage-backed securities deal (RMBS), Series 2019-1 REDS Trust. The transaction has an indicative total volume of A$500 million (US$339.2 million) and is expected to price on or before 23 August.
Series 2019-1 REDS Trust indicative price guidance and structure
| Tranche | Indicative volume (A$m) | Expected ratings (S/F) | Weighted-average life (years) | Indicative price guidance (bp/1m BBSW) |
|---|---|---|---|---|
| A | 460 | AAA/AAA | 2.9 | 95-98 area |
| AB | 13.7 | AAA/AAA | 6.4 | 170 area |
| B | 9 | AA/NR | 6.4 | 190 area |
| C | 7.3 | A/NR | 6.4 | 255 area |
| D | 4.25 | BBB/NR | 6.4 | 315 area |
| E | 2.5 | BB/NR | 6.4 | 460 area |
| F | 3.25 | NR/NR | 6.4 | 590 area |
Source: National Australia Bank 19 August 2019
ANZ, Macquarie Bank, National Australia Bank (NAB) and Westpac Institutional Bank are joint lead managers for Class A notes, while NAB is sole lead manager for the remainder of the structure.
