MEMBERS EQUITY BANK last Thursday became the first Australian regional or mutual bank to sell RMBS this year with an upsized A$1.75bn (US$1.21bn) prime capital relief smhl 2019-1 sale, its biggest securitisation since the financial crisis. Despite a substantial enlargement from the indicative A$750m, the A$1.61bn Class A note priced at the tight end of revised one-month BBSW plus 105bp-108bp guidance for a 2.8-year weighted-average life.
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