New Zealand's fledgling MBS market is off to a flying start, judging from the way investors snapped up the first Euromarket issue backed by New Zealand residential mortgages earlier this month.

The landmark NZ$825 million ($438.8 million) transaction, backed by home mortgages originated by WestpacTrust, is only the second New Zealand MBS to be sold overseas and thanks to the success of Australian MBS deals in the Euromarket, investors seized upon it, highlighting the similarities between the Australian and New Zealand mortgage markets.

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