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Moody's: AMP Bank to issue A$750M of residential mortgage-backed securities

AMP Bank Ltd. plans to issue about A$750 million worth of residential mortgage-backed securities, Moody's said May 30.

The issuance will consist of A$690 billion of class A notes, A$40.88 million of class AB notes, A$11.25 million of class B notes, A$6.98 million of class C notes and A$900,000 of class D notes.

The issuance will be AMP Bank's first residential mortgage-backed securities transaction for 2018. The notes will be issued through Perpetual Trustee Co. Ltd. as a trustee of Progress 2018-1 Trust.

The transaction is a securitization of a portfolio of Australian prime residential mortgages, which were originated and are serviced by AMP Bank.

AMP Bank is a unit of AMP Ltd.