Westpac launches big four RMBS return with A$1 billion minimum deal

Westpac Banking Corporation (Westpac) (AA/Aa1/AA-) has launched the first residential mortgage-backed security (RMBS) deal from a big four domestic bank since the same firm's last foray into the asset-backed market in May 2007. The Series 2009-1 WST Trust (WST 2009-1) was launched as an offering of a minimum of A$920 million (US$832.88 million) in class A senior notes, with a further A$80 million divided between two subordinated tranches.