Independent non-bank mortgage financier RAMS Mortgage Corp. has highlighted the changing dynamics of the Australian debt market for mortgage-backed issuers with the biggest deal yet of any description in the sector, weighing in at A$1.45 billion.

The transaction - lead managed by JPMorgan - was far bigger than the previous domestic MBS record, a A$1 billion deal earlier this year for Interstar Securities; and it easily outstripped the biggest straight corporate issue in the sector to date, also worth A$1 billion and completed by Anglo-Australian resources company BHP-Billiton earlier this month.

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