National Australia Bank was rounding up investors for a $750 million residential mortgage backed securities deal on Monday morning.Terms sent to potential investors said NAB, also the arranger and the lead manager, had preplaced $870 million in the top-most tranches. These had a price guidance of 120 bps above one-month BBSW but still had room for placements.
The bottom-three tranches had guidance of 300 bps, 500 bps and 675 bps above the one-month BBSW and were all pre-placed. Guidance for the rest was in 190 bps to 265 bps area. The deal, National RMBS Trust 2022-1, was collateralised against Australian prime residential mortgage loans originated and services by NAB.
NAB was arranger and lead manager. Investors were told to expect pricing on either Wednesday or Thursday. The transaction was expected to settle on June 30. co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
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