BEN prints A$750 million in Torrens 2017-3

Friday, 18 August 2017

Issue name: Torrens 2017-3
Sponsor: Bendigo and Adelaide Bank
Deal type: residential mortgage-backed securities
Pricing date: 18 August 2017
Settlement date: 29 August 2017
Total deal volume: A$750 million (US$592.2 million)
Arranger: National Australia Bank
Lead managers: Deutsche Bank, Macquarie Bank, National Australia Bank, Westpac Institutional Bank

Note class: A
Tranche volume: A$690 million
Tranche rating: AAA/AAA
WAL: 3.3 years
Margin to swap: 103bp/1m BBSW
Initial credit support: 8%

Note class: AB
Tranche volume: A$21.375 million
Tranche rating: AAA/AAA
WAL: 5.7 years
Margin to swap: 175bp/1m BBSW
Initial credit support: 5.2%

Note class: B
Tranche volume: A$14.625 million
Tranche rating: AA/NR
WAL: 5.7 years
Margin to swap: 215bp/1m BBSW
Initial credit support: 3.2%

Note class: C
Tranche volume: A$11.25 million
Tranche rating: A/NR
WAL: 5.7 years
Margin to swap: 310bp/1m BBSW
Initial credit support: 1.7%

Note class: D
Tranche volume: A$5.625 million
Tranche rating: BBB/NR
WAL: 5.7 years
Margin to swap: 400bp/1m BBSW
Initial credit support: 1%

Note class: E
Tranche volume: A$7.125 million
Tranche rating: NR/NR
WAL: 5.7 years
Margin to swap: 590bp/1m BBSW
Initial credit support: N/A