The market for mortgage finance might be at a standstill in the U.S. and thawing in Europe, but Australian loan originators have a new source of financing, if indirectly, in the form of the National Australia Bank (NAB).

One of Australia's four largest banks, NAB has put together an asset-backed commercial paper program called MiraStar Securitization, which will invest in Australian prime residential mortgages. MiraStar is slated to begin issuing ABCP in early April - as early as this week - and the first series of notes has an issuance limit of AUD 3 billion ($2.7 billion).

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