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Australian Securitization Term Market Quarterly Issuance Roundup 4Q03 Feb 04
Standard & Poors, Feb 2004
Abstract
Standard & Poor's assigned ratings to 40 domestic and cross-border term Australian securitization transactions during fourth-quarter 2003. This brings the total number of ratings assigned in 2003 to 135, up 75% from 2002. Issuance volume for this period was A$12.5 billion, down 24% from third-quarter 2003; however, total new issuance in 2003 topped A$49 billion, an increase of more than 33% on 2002. The Australian RMBS juggernaut continues to dominate the Australian securitization market, reflecting the ongoing strength of residential property markets in Australia, and the growth of the nonconforming and subprime RMBS market. RMBS issuance for 2003 was more than A$44 billion, up from A$30.9 billion in 2002; although the number of transactions as a percentage of total issuance...
Companies mentioned in this report are: UFJ Finance Australia Ltd.,Australian Mortgage Securities Ltd.,Bank of Queensland Ltd.,DEXUS Office Trust
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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