Solid investor demand for AMP Bank's Progress 2013-1 Trust RMBS saw the transaction upsized from A$500 million to A$650 million.

There were 22 investors in the deal, of which approximately 34 per cent by volume were real money or offshore investors. European investor interest was seen in both the senior and subordinated tranches.

The transaction gained good momentum from the outset, allowing for the book to be upsized and the Class A Notes to price at 1MBBSW +100 bps. The Class AB Notes priced at 1MBSW + 190 bps, the Class B1 Notes 1MBBSW +290 bps and the Class B2 Notes at 1MBBSW + 350 bps.

Deutsche Bank was the arranger of the transaction. CBA, Deutsche Bank, NAB and Westpac were Joint Lead Managers.

Details of the transaction are as follows:-

• Issue amount: A$650 million
• Class A Notes (AAA(sf)/Aaa(sf)): A$598 million (3.6yrs) 1MBBSW +100bps
• Class AB Notes (AAA(sf)/n.r.): A$39 million (6.0yrs) 1MBBSW + 190bps
• Class B1 Notes (AA-(sf)/n.r): A$9.75 million (6.0yrs) 1MBBSW +290bps
• Class B2 Notes (AA-(sf)/n.r): A$3.25 million (6.0yrs) 1MBBSW + 350bps