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Australian and New Zealand Mortgage Securitization Market Shows Rapid Growth and Diversity Sep 01
Standard & Poors, Sep 2001
Abstract
Australian and New Zealand residential mortgage-backed securities (RMBS) is one of the fastest-growing markets in the world. The strong housing market and low interest rate environment has spurred the RMBS market. Each of the past four years has seen Australian and New Zealand issuers raising record volumes of RMBS, with increasing diversity in originators, assets, and liability structures. In the first half of 2001, A$15.4 billion of RMBS was issued; this is nearly as much as the entire RMBS volume in 2000, which was itself a record year. In the week ending Sept. 7, 2001, alone, Australian lenders issued or launched more than A$4 billion of RMBS. See table 1 for a list of Australian and New Zealand RMBS issuance...
Companies mentioned in this report are: Australia (Commonwealth of) (Unsolicited Ratings),New Zealand,Australia and New Zealand Banking Group Ltd.,Commonwealth Bank of Australia,Queensland (State of),Australian Mortgage Securities Ltd.,Citigroup Pty Ltd.,St.George Bank Ltd.,Bendigo and Adelaide Bank Ltd.,Challenger Mortgage Management Pty Ltd.,Heritage Bank Ltd.
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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