The steady stream of Australian issuance looks set to continue over the coming weeks, with several regular issuers returning to the market. Bank of Queensland is leading the way with a A$1.6 billion-equivalent ($1.2 billion) prime RMBS through its REDS facility. ABN Amro and Deutsche Bank are joint lead managers.

The deal, which features 100% cover from PMI Mortgage Insurance and Genworth, marks the first time the bank has issued a euro-denominated tranche. Standard & Poor's has assigned triple-A ratings to the 400 million ($506.2 million) and A$600 million senior notes; with the A$48 million subordinate piece rated AA'.

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