Columbus Capital launches Triton 2018-1 RMBS deal

Wednesday, 11 July 2018

On 11 July, Columbus Capital launched its residential mortgage-backed securities transaction, Triton 2018-1. The deal has an indicative total volume of A$500 million (US$371.1 million) equivalent, including the US dollar denominated Class A1-US notes. 

Triton 2018-1 indicative price guidance and structure

TrancheIndicative volume (m)Expected ratings (S&P/Fitch)Weighted-average life (no. of years)Indicative price guidance (bp/1m BBSW)
A1-MM A$46 AAA/AAA 0.4 80
A1-US US$100 AAA/AAA 1.4 95 area/1m US LIBOR
A1-AU A$185 AAA/AAA 3 123-125
A1-5Y A$65 AAA/AAA 4.9 155 area
A2 A$25 AAA/AAA 4.2 165 area
A3 A$20.5 AAA/AAA 4.2 175 area
AB A$8.5 AAA/NR 4.2 185 area
B A$10 AA/NR 4.2 193
C A$6.25 A+/NR 4.2 270
D A$2 BBB+/NR 4.2 380
E A$1.25 BB+/NR 3.3 580
F A$1.5 NR/NR 4.9 700

Source: National Australia Bank 11 July 2018

Class A1-MM, Class B, Class C, Class D, Class E and Class F notes are preplaced. Pricing is expected on or before 13 July, according to arranger National Australia Bank, which is also leading alongside MUFG Securities and Westpac Institutional Bank.