AMP starts marketing Progress 2018-1 RMBS deal

Friday, 15 June 2018

On 15 June, AMP Bank began taking indications of interest for its residential mortgage-backed securities transaction, Progress 2018-1. The deal has an indicative total volume of A$750 million (US$559.7 million) and is expected to launch in the week beginning 18 June.

Progress 2018-1 indicative price guidance and structure

Tranche	Indicative volume (A$m)	Expected rating (S&P/Moody's)	Credit enhancement (per cent)	Weighted-average life (no. of years)	Indicative price guidance (bp/1m BBSW)
A	690	AAA/Aaa	8	2.9	112 area
AB	40.875	AAA/NR	2.55	6	160 area
B	11.25	AA/NR	1.05	6	180 area
C	6.975	A/NR	0.12	6	mid-high 200s area
D	0.9	NR/NR	N/A	6	ND

Source: Westpac Institutional Bank 15 June 2018

Westpac Institutional Bank is arranging the transaction and leading alongside Deutsche Bank, Macquarie Bank, MUFG Securities and National Australia Bank.