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Australia's AMP Bank to issue AUD543.5m RMBS.

Global Banking News-18 January 2010-Australia's AMP Bank to issue AUD543.5m RMBS(C)2010 ENPublishing -

Global Banking News - 18 January 2010(c)2005 - Electronic News Publishing -

Australia's AMP Bank (AMP.AX) is set to offer more than AUD540m of residential mortgage-backed securities from its Progress 2010-1 Trust series in three classes, Dow Jones has reported citing rating agency Standard & Poor's.

S&P has given the AUD500m Class-A notes and the AUD30.5m Class AB notes ratings of AAA, while the AUD13m Class-B notes were rated 'AA-'.

A follow-up release from Fitch Ratings said that the notes will come due in December 2040, the report noted. 'This is AMP's first transaction of the year and is the first transaction to benefit from an investment by the Australian Office of Financial Management (AOFM) funding programme since the program's renewal last year,' commented Saadam Daman, analyst in Fitch's structured finance team.

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Publication:Global Banking News (GBN)
Date:Jan 18, 2010
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