Aussie ABS recovery deepens

摘要

Australia's securitisation market is on track for its busiest year since the global financial crisis as strong demand from local investors allows issuers to beat their expectations. So far in 2015, A$16.5bn (US$12.8bn) has been raised from Australian dollar asset-backed securities, primarily RMBS. This is well above the A$11.9bn total in the year-earlier period and on course to beat last year's post-crisis high of A$30.8bn in sales. Syndication managers point to a full pipeline of issuers, drawn to the market because of the enlarged deal sizes and tight pricing levels that their peers achieved. The strength of demand allowed firstmac to double its May 15 trade to A$1bn, making it Australia's biggest RMBS offering from a non-bank originator since the collapse of Lehman Brothers.