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Australian Securitization Term Market Quarterly Issuance Roundup 3Q04 Oct 04
Standard & Poors, Oct 2004
Abstract
This quarter saw both the volume and number of transactions rise from the second quarter of 2004. A total of 28 transactions issued securitized debt, with volumes in excess of A$18 billion, up from A$14 billion last quarter. This has already been another record year for issuance. Issuance to Sept. 30 has already exceeded total issuance in 2003. It is now a question of just how busy the last quarter of the year will be before we can determine what the issuance record will be in 2004. We expect volumes to approach A$70 billion by the close of 2004. The most significant growth during the quarter was in the asset-backed securitization (ABS) sector, and the collateralized debt obligation (CDO) and...
Companies mentioned in this report are: National Australia Bank Ltd.,Suncorp-Metway Ltd.,St.George Bank Ltd.,Heritage Bank Ltd.,IMB Ltd.,Kingfisher Trust 2004-1G,PUMA Masterfund P-10 Series A,AIMS 2004-1 Trust,Illawarra Series 2004-1 RMBS Trust,HBS Trust 2004-1,FirstMac Bond Series 2-2004 Trust,Rembrandt Australia Trust 2004-1,SELECT ACCESS Investments Ltd. Series 2004-9,APOLLO Series 2004-2 Trust,SMHL Global Fund No. 7,Crusade Global Trust No. 2 of 2004,National RMBS Trust 2004-1
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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