AMP sells $1bn RMBS
The highlight of the debt capital market last week was AMP Bank's pricing of its prime RMBS issue via Progress 2010-1 Trust. Investor demand was such that the deal was upsized to A$1.0 billion from A$543.5 million. And continuing the trend observed late last year, 40 per cent of the issue was sold to European investors.The three-tranche issue comprised: A$920 million of 'AAA/AAA' rated Class A notes, with a three-year weighted average life, priced at 130 basis points over bank bills; A$56 million of 'AAA/AAA' rated Class AB notes, with a 5.2-year weighted average life, priced at 180 bps over; and A$24 million of 'AA-' rated Class B notes.