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ME Bank issues A$1.2 billion RMBS

ME Bank has upsized its latest issue of residential mortgage-backed securities, the SMHL Securitisation Fund 2013-1, from the A$750 million it was seeking when the deal was first launched to $1.2 billion.The bank will pay 95 basis points over the one-month bank bill swap rate on the A$1.1 billion A1 tranche, which has a weighted average life of 2.8 years.Pricing on the $77.5 million AB tranche, with a weighted average life of 5.1 years, was 180 bps over the swap rate.Pricing on the $16.2 million B1 tranche and the $6.2 million B2 tranche was not disclosed.

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