BOQ launches 2019-1 REDS RMBS deal

Monday, 19 August 2019

On 19 August, Bank of Queensland (BOQ) launched its residential mortgage-backed securities deal (RMBS), Series 2019-1 REDS Trust. The transaction has an indicative total volume of A$500 million (US$339.2 million) and is expected to price on or before 23 August.

Series 2019-1 REDS Trust indicative price guidance and structure

Tranche	Indicative volume (A$m)	Expected ratings (S/F)	Weighted-average life (years)	Indicative price guidance (bp/1m BBSW)
A	460	AAA/AAA	2.9	95-98 area
AB	13.7	AAA/AAA	6.4	170 area
B	9	AA/NR	6.4	190 area
C	7.3	A/NR	6.4	255 area
D	4.25	BBB/NR	6.4	315 area
E	2.5	BB/NR	6.4	460 area
F	3.25	NR/NR	6.4	590 area

Source: National Australia Bank 19 August 2019

ANZ, Macquarie Bank, National Australia Bank (NAB) and Westpac Institutional Bank are joint lead managers for Class A notes, while NAB is sole lead manager for the remainder of the structure.