ASIA-PACIFIC

摘要

National Australia bank looks likely to set a new major bank clearing rate benchmark for residential mortgage-backed securities, having announced a May 16-23 roadshow for its national RMBS programme. Commonwealth Bank of Australia was the last Big Four Aussie lender to issue RMBS, with the A$1.575bn medallion trust series 2016-1 on March 4, when the Class A notes priced 140bp wide of one-month BBSW. This was 50bp more than the 90bp margin that CBA paid on its second RMBS issue of 2015 last September, and 60bp over its first 2015 RMBS trade in February. NAB last issued RMBS in March 2015 with a A$1.75bn offering via National RMBS Trust 2015-1, also pricing the Class A notes at 80bp wide of one-month BBSW. RMBS spreads have narrowed significantly in the secondary market since CBA's most recent issue.