AMP Bank, owned by the country's largest funds-management group, has entered the securitization market for the first time with a A$1.3 billion issue of mortgage-backed securities.

The securities were sold into a warehousing facility, Progress Warehouse Trust No. 1, which is managed by SG Australia. Few details of the MBS were revealed, other than that they consisted of three senior tranches rated AAA by Standard & Poor's and a single tranche of AA- subordinated debt.

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