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ABS Performance Watch: Record RMBS Issuance Dominates Australian Market Sep 01
Standard & Poors, Sep 2001
Abstract
The Standard & Poor's Australian Mortgage Performance Index (SPIN) was 1.09% for the quarter ended June 30, 2001, a slight improvement from 1.11% in the March quarter. The SPIN peaked, however, in May at 1.21%, which was consistent with the trend evident at the end of the previous quarter. Standard & Poor's does not expect any material improvement in the SPIN during the current quarter even though interest rates are at historical lows and consumer confidence is returning. Overall, delinquencies remain low compared to other major offshore markets. The equivalent of A$9.4 billion of residential mortgage-backed securities (RMBS) were issued during the June quarter, increasing the total RMBS issued for the first half of the year to more than $15.3...
Companies mentioned in this report are: Australia (Commonwealth of) (Unsolicited Ratings),Australia and New Zealand Banking Group Ltd.,Commonwealth Bank of Australia,State Bank of New South Wales Ltd.,Citibank (New York State), Pittsford,Mitsubishi Motors Corp.,Challenger Mortgage Management Pty Ltd.,Members Equity Bank Pty Ltd.,Heritage Bank Ltd.,JEM (Riverside) No. 1 Pty 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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