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AMP set to sell RMBS

Staff Reporter 1 minute read

AMP Bank is gearing up to sell $543.5 million in residential mortgage backed securities (RMBS).

The government will not act as a cornerstone investor, however it will buy some of the RMBS issue according to a statement on the Australian Office of Financial Management (AOFM) website.

It is unclear just how much the government will buy at this stage, however, what is clear is that it will let investors decide the pricing levels.

The offer, called Progress 2010-1 Trust, will be lead managed by Deutsche Bank and Westpac Institutional Bank and is expected to be priced by Friday.

The issue pool includes loans with an average loan-to-value ratio of 66 per cent and an average time since issue, or seasoning, of 26 months.

Low documentation loans make up two per cent of the portfolio.

AMP set to sell RMBS
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