The Australian RMBS market has for some years now been successfully issuing on a programmatic basis mainly into the U.S., but also to the European market. A total of A$140 billion (US$97.92 billion) of Australian RMBS has been issued to date, with US$24.6 billion denominated in U.S. dollars and offered to the U.S. investor base. There are around 18 issuers, which have tapped the offshore markets, either in U.S. dollars or Euros beginning in 1997.
For the first three-quarters of this year, issuance in Australia has been 25% higher than the comparable period last year, and an expected strong fourth quarter will mean that this will be another record growth year. Last year total RMBS issuance stood at A$31 billion (US$21.68 billion). Gary Tucker, managing director at Standard & Poor's in Melbourne, says that this year the RMBS sector is looking to exceed A$40 billion (US$27.98 billion) in issuance.