AOFM not needed for AMP RMBS
Two new securitisations were launched and priced last week. Macquarie Leasing was the first to the market, with its SMART ABS Series 2012-3EQ transaction. The EQ stands for equipment.The transaction is a securitisation comprised of four tranches, solely of equipment lease receivables. The transaction was priced later in the week, but pricing was not disclosed.AMP Bank launched and upsized its second RMBS issue for the year via the Progress 2012-2 Trust. The $500 million transaction was upsized to $800 million.The Australian Office of Financial Management was to have been an investor, but AMP and its lead managers - ANZ, Deutsche Bank and NAB - found enough investors to save AOFM's shrinking pool of government-mandated investment for a later client.It sold $742.2 million of Class A notes with a weighted average life of 3.4 years, priced at 155 bps over bank bills. AMP Bank sold $36.15 million of Class AB notes with a life of six years at 290 bps over bank bills. Pricing on the two final tranches was not disclosed.