Heritage Bank prints A$750 million in HBS Trust 2017-1 RMBS

Wednesday, 11 October 2017

Issue name: HBS Trust 2017-1
Sponsor: Heritage Bank
Deal type: residential mortgage-backed securities
Pricing date: 11 October 2017
Settlement date: 24 October 2017
Total deal volume: A$750 million (US$583.7 million)
Arranger: National Australia Bank
Lead managers: ANZ, National Australia Bank, Westpac Institutional Bank

Note class: A1
Tranche volume: A$690 million
Tranche rating: AAA/AAA
WAL: 3.3 years
Margin to swap: 107bp/1m BBSW
Initial credit support: 8%

Note class: A2
Tranche volume: A$22.5 million
Tranche rating: AAA/AAA
WAL: 3.3 years
Margin to swap: 120bp/1m BBSW
Initial credit support: 5%

Note class: AB
Tranche volume: A$19.125 million
Tranche rating: AAA/AAA
WAL: 6.5 years
Margin to swap: 160bp/1m BBSW
Initial credit support: 2.45%

Note class: B
Tranche volume: A$10.875 million
Tranche rating: AA/NR
WAL: 6.5 years
Margin to swap: 200bp/1m BBSW
Initial credit support: 1%

Note class: C
Tranche volume: A$6 million
Tranche rating: A+/NR
WAL: 6.5 years
Margin to swap: 285bp/1m BBSW
Initial credit support: 0.2%

Note class: D
Tranche volume: A$1.5 million
Tranche rating: NR/NR
WAL: 6.5 years
Margin to swap: 590bp/1m BBSW
Initial credit support: N/A