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Bankwest launches first offer in home-mortgage securities
BANKWEST has issued its first public residential-mortgage backed securities since its $2 billion takeover by Commonwealth Bank, launching a $620 million offer of three classes of securities. Ratings agency Standard and Poor’s assigned a triple A rating to the A-class notes worth $586m and the AB notes worth $23.4m. The ratings agency assigned a double A-negative rating to the B notes worth $10.6m offered by Bankwest. S&P said there was sufficient credit support for each class of notes, which comprises both note subordination and mortgage insurance covering 100 per cent of the face value of all loans, accrued interest and reasonable costs of enforcement. Structured finance analyst Fiona Otway said: “Our expectation is that the various mechanisms to support liquidity within the transaction are sufficient under our stress assumptions to ensure timely payment of interest.” S&P expects payment of interest and principal by April 2041 for all classes of notes. http://www.theaustralian.com.au/business/city-beat/bankwest-launches-first-offer-in-home-mortgage-securities/story-fn4xq4v1-1225842232902 |
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