Commonwealth Bank of Australia announced its second global mortgage-backed offering in August - a $US1.1 billion transaction through its Medallion program with a senior Australian dollar tranche - but attention during the month focused on the domestic market, where issuers were clearly excited by the level of demand.

Australian Mortgage Securities, a subsidiary of ABN Amro, launched an A$750 million (US$425 million) deal which was its biggest in the domestic market and, jointly with a deal last February by Macquarie Securitisation's PUMA vehicle, the biggest domestic transaction since the market's first major growth surge in 1996.

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