Australian Financial Group has completed its biggest issue of residential mortgage-backed securities to date, upsizing the transaction from A$500 million at launch to $1 billion. AFG 2022-2 Trust is AFG Securities’ 15th transaction since 2013, taking its total issuance to $7.5 billion.

The significant upsizing of the deal follows two notable issues earlier this month. Pepper Money upsized an issue from $650 million to $1.25 billion and ColCap upsized an issue from $750 million to $1.1 billion.

AFG priced the A1-S notes, worth $300 million and with a weighted average life of 0.5 years, at a margin of 110 basis points over the bank bill swap rate.

The A1-A notes, worth $600 million and with a weighted average life of 2.5 years, were priced at 155 bps over BBSW.

The A2 notes, worth $43 million and with a weighted average life of 2.9 years, were priced at a margin of 235 bps over BBSW.

The B, C, D and E notes were priced in a range between 290 bps ad 635 bps.

Pricing of the A1-A notes was in line with the pricing of the Pepper and ColCap senior notes.