Westpac beats expectations with A$1.6bn mortgage deal
Westpac Banking Corp raised A$1.6bn ($1.54bn) in the securitisation market this week, returning to investors for the first time in four months and showing the resilience of Australian’s MBS market to volatility elsewhere.
The bank sold a A$1bn top tranche with a weighted average life of three years, paying 125bp over the one month bank bill swap rate. The tranche was priced in line with guidance.
Westpac had set out to issue an A$1bn deal, including a A$920m Class A tranche. But
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