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Australian MBS Issuer Spans The Globe Jul 98
Standard & Poors, July 1998
Abstract
Westpac Banking Corp.'s recent $1.4 billion WST Trust Series 1998-1G issue is the first globally marketed MBS transaction backed by non-U.S. mortgages. By selling the issue in the London and New York bond markets, Westpac was able to tap the European and U.S. investor bases, enabling competitive pricing and insuring execution of the largest MBS deal ever by an Australian issuer. The transaction closely follows Westpac's first cross-border MBS transaction in Europe last year. The trail blazed by the bank from Australia to Europe and, finally, to the U.S. is likely to be emulated by other large Australian mortgage lenders seeking relief from the tight domestic MBS market. 'Eurobond issuance is initially a cheaper way to go abroad, and that...
Companies mentioned in this report are: Westpac Banking Corp.
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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