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Moody's: AMP Bank issues A$1.30B of RMBS

AMP Bank Ltd. issued A$1.30 billion worth of residential mortgage-backed securities, Moody's said May 30.

The issuance consists of approximately A$1.20 billion of class A notes, A$66.40 million of class AB notes, A$22 million of class B notes, A$13.80 million of class C notes and A$1.80 million of class D notes. Moody's said it only rates the class A notes.

The issuance is AMP Bank's first RMBS transaction for 2017. The notes were issued through Perpetual Trustee Co. Ltd. as a trustee of Progress 2017-1 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.

As of May 29, US$1 was equivalent to A$1.34.