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Westpac Banking Corporation’s return to residential mortgage-backed securities issuance, a A$1.2 billion (US$876 million) funding-only deal, matched the tightest pricing for the asset class in Australia since the financial crisis despite a recent flurry of issuance. The bank says it is returning to a wholesale funding profile similar to its pre-crisis norms, with a consequent expectation of using diverse issuance options.
UDC Finance, New Zealand’s largest nonbank lender, completed a record-sized deal with the pricing of a NZ$400 million (US$280 million) auto asset-backed securities transaction on 23 September. Evolving momentum in New Zealand securitisation has changed the issuer’s thinking on likely need to tap foreign-currency markets for wholesale funding.