Westpac launches WST 2019-1 RMBS deal

On 11 February, Westpac Banking Corporation (Westpac) launched its residential mortgage-backed securities (RMBS) transaction, WST 2019-1. The forthcoming deal has indicative total volume of A$1 billion (US$709.2 million) and is expected to price on 15 February. Westpac Institutional Bank is arranger for the transaction.

WST 2019-1 structure and indicative price guidance

TrancheIndicative volume (A$m)Expected ratings (S&P/Fitch)Weighted-average life (no. of years)Indicative price guidance (bp/1m BBSW)
A 920 AAA/AAA 3.5 108 area
B 80 NR/NR 7.2 ND

Source: Westpac Institutional Bank 11 February 2019