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Bank of Queensland (BOQ) launched its Series 2018-1 REDS Trust residential mortgage-backed securities (RMBS) transaction on 21 May. The deal has a minimum volume of A$500 million (US$375.8 million) and is expected to price on or before 25 May.
Series 2018-1 REDS Trust indicative price guidance and structure:
| Tranche | Indicative volume (A$m) | Expected ratings (S&P/Fitch) | Weighted-average life (no. of years) | Indicative price guidance (bp/1m BBSW) |
|---|---|---|---|---|
| A1 | 460 | AAA/AAA | 2.8 | 102-105 area |
| A2 | 13 | AAA/AAA | 6.1 | 115-120 area |
| AB | 4.7 | AAA/NR | 6.1 | 145-155 area |
| B | 8.9 | AA/NR | 6.1 | 165-170 area |
| C | 6.7 | A/NR | 6.1 | 240 area |
| D | 3.1 | BBB/NR | 6.1 | 330 area |
| E | 3.6 | NR/NR | 6.1 | 590 area |
Source: National Australia Bank 21 May 2018
National Australia Bank (NAB) is arranging the transaction and is sole lead manager for the Class A2, AB, B, C, D and E notes, while Commonwealth Bank of Australia, NAB, SMBC Nikko Capital Markets and Westpac Institutional Bank are joint lead managers for the Class A1 notes.
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