There were twenty four investors in the deal, of which approximately 68 per cent by volume were real money investors, including interest from off shore investors across the capital structure.

The transaction gained good momentum from the outset allowing for the book to be upsized and the Class A Notes priced at 1MBBSW +95 bps. The Class AB Notes priced at 1MBSW +165 bps, the Class B1 Notes 1MBBSW +245 bps and the Class B2 Notes at 1MBBSW +300 bps.

AMP Bank Treasurer, Kevin Stephenson said: “This is the first Progress Trust transaction this year and the result was very pleasing, especially the number of real money investors in the transaction.

Deutsche Bank was the arranger and ANZ, Deutsche Bank, Morgan Stanley and NAB were Joint Lead Managers.

Details of the transaction are as follows:-

• Issue amount: A$1,000 million
• Class A Notes (AAA(sf)/Aaa(sf)): A$ 920 million (3.3yrs) 1MBBSW +95bps
• Class AB Notes (AAA(sf)/n.r.): A$60 million (5.5yrs) 1MBBSW +165bps
• Class B1 Notes (AA-(sf)/n.r): A$15 million (5.5yrs) 1MBBSW +245 bps
• Class B2 Notes (AA-(sf)/n.r): A$5 million (5.50yrs) 1MBBSW +300bps

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