The Australian market has gained new depth and diversity within the last month, hosting a rare commercial mortgage-backed transaction, two new conduits and a new link with the neighboring New Zealand market.
One of the conduits introduced a new player to the Australian sector: Bank of America. The bank's Australian branch launched the A$1.5 billion (US$883 million) Perry Antipodes Trust No. 1, as part of the group's global family of Perry structures. The program, which will issue commercial paper to fund bond purchases, had been rated A1-plus and F1-plus by Standard & Poor's and Fitch respectively and was scheduled to make its inaugural A$400 million issue as ASRI went to press.