Westpac nets record A$3.06 billion domestic 2012
Westpac Banking Corporation (AA/Aa1) (Westpac), for some time the only Australian big four bank not to have issued into its home market under the terms of the government guarantee, priced its second domestic benchmark in under a fortnight on March 11 in the form of a record A$3.06 billion (US$1.96 billion) of fixed and floating rate 2012 paper.
AMP finalises trans-Tasman LTII at wider end of margin range
AMP (A/A2) has set the margin on its AMP Notes (A-/A3) lower tier two (LTII) deal at the wider end of its indicative range and expects to allocate the initial guidance volume of A$300 million (US$193.8 million) in the transaction. Lead managers say the transaction will achieve its intended goal and could pave the way for further retail distribution of debt securities in Australia.Smaller short-dated tranche on BEN RMBS
Third party investors may play a smaller role in the latest residential mortgage backed security (RMBS) transaction to receive a cornerstone bid from the Australian Office of Financial Management (AOFM), although the overall size of the deal is greater than the most recent previous transaction and the underlying mortgage pool is a particularly stable one.
CUA's RMBS prices in line with expectations
Pricing on Credit Union Australia (CUA)'s Harvey Trust Series 2009-1 (Harvey 2009-1) residential mortgage backed security (RMBS) transaction has been set at the levels anticipated by investors – 100 basis points and 140 basis points above BBSW for the two top-rated tranches respectively.