AMP Bank confirms the Progress 2023-2 Trust Residential Mortgage Backed Securities (RMBS) has been upsized from A$500 million to A$750 million due to investor demand.

There were 31 investors in the transaction, of which approximately 32 per cent by number of accounts were offshore investors, and 37 per cent were real money investors. 

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

“We are extremely pleased with this transaction and the support of existing and new investors that enabled the deal to be upsized from original guidance.”

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

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