All-AUD international volumes on track to surpass full-year 2009 issuance
In spite of some aggressive moves in the bills-Libor basis swap towards the end of last week and another quiet week in the vanilla primary market, developments so far this year in the euro-Aussie, AUD Uridashi and Kangaroo markets indicate that appetite for AUD-denominated product remains strong. Volume data reveals steady issuance volumes in the Uridashi market, but a strong performance from Kangaroos and euro-Aussies shows all-international issuance in Aussie dollars this year – totalling almost A$31.5 billion (US$26.3 billion) by May 27 – is on track to surpass the 2009 full-year volume of just over A$42 billion.NZ RMBS market comes to life
The first residential mortgage-backed securities (RMBS) trade in the New Zealand market since 2007 has been launched by NZF Group. The NZ$100 million (US$66.5 million) NZF Mortgages 2010-1 Trust - the first RMBS issue sponsored by NZF HomeLoans Limited – will be offered across three public tranches.