Kangaroo covered bond welcomed with hopes for market development
In a quiet week for Australian issuance the revival of the Kangaroo covered bond market was the clear highlight. In the wake of the first such trade since 2007 – Canadian Imperial Bank of Commerce (CIBC)'s (A+/Aa2, with a covered bond rating of AAA/Aaa/AAA)
A$750 million (US$737 million) three-year – investors and intermediaries say they expect the market to prosper on the back of expected sustained demand from, in particular, bank buyers.
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ING launches debut Australian RMBS at A$500 million volume
ING Bank Australia (ING) launched its debut transaction in the Australian residential mortgage-backed securities (RMBS) market on October 7 as a A$500 million (US$487.5 million) transaction. The deal, IDOL Trust Series 2010-1, is based on a pool comprising only full-doc, fully mortgage insured loans and is expected to price on or before October 14.
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