AMP upsizes RMBS to A$1 billion 26 November 2014 4:27PM John Kavanagh AMP Bank has completed its second issue of residential mortgage-backed securities for the year, raising A$1 billion of funding through Progress 2014-2 Trust RMBS.The transaction was upsized from $500 million offered at the launch last week.AMP Bank will pay 80 basis points over the one-month bank bill swap on the $920 million of A notes, which have a weighted average life of 3.2 years.When the bank issued Progress 2014-1 Trust in March it paid a margin of 95 bps on the senior notes.Pricing on the $48 million of AB notes, which have a weighted average life of 5.4 years, was 155 bps over the swap rate.Pricing on the $21 million of B notes, which have a weighted average life of 5.4 years, was 240 bps over swap.Pricing on the $6 million of C notes, which have a weighted average life of 5.9 years, was 350 bps over swap. And pricing on the $5 million of D notes, which have a weighted average life of 7.8 years, was 500 bps over swapAMP said there were 20 investors in the deal, with 27 per cent of the notes going to real money investors.