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AMP Bank’s Progress 2023-1 Trust upsized to A$750 million
Banking
27 March 2023
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AMP Bank confirms the Progress 2023-1 Trust Residential Mortgage Backed Securities (RMBS) has been upsized from A$500 million to A$750 million due to investor demand.

There were 17 investors in the transaction, of which approximately 35 per cent by number of accounts were real money investors, including interest from offshore investors.

AMP Group Treasurer and CFO AMP Bank, Jason Bounassif said:

“We are very pleased with the outcome given the recent volatility in the capital markets and welcome the support from investors, both new and existing.”

Details of the A$750 million issue are as follows:

Class

Ratings by S&P / Fitch

Issue size

Expected WAL

Interest rate

A

AAA(sf) / AAAsf

A$690 million

3.0 years

BBSW1M +145bps

AB

AAA(sf) / AAAsf

A$30.23 million

5.3 years

BBSW1M +240bps

B

AA(sf) / N.R.

A$11.4 million

5.3 years

BBSW1M +310bps

C

A(sf) / N.R.

A$7.5 million

5.3 years

BBSW1M +350bps

D

BBB(sf) / N.R.

A$3.675 million

5.3 years

BBSW1M +420bps

E

BB(sf) / N.R.

A$3.595 million

5.3 years

BBSW1M + 600bps

F

N.R./ N.R.

A$3.6 million

5.3 years

BBWS1M + 695bps

Westpac was the arranger of the transaction with Barrenjoey, Commonwealth Bank of Australia, Deutsche Bank, MUFG, NAB, Standard Chartered and Westpac as Joint Lead Managers.

The product issuer and credit provider is AMP Bank Limited ABN 15 081 596 009, AFSL and Australian credit licence 234517