The shake-out among Australia's larger non-bank home loan securitizers is creating opportunities for new financing vehicles, as Canadian bank CIBC has become the latest entrant to the market with a US$2.5 billion program capable of issuing either U.S. or Australian commercial paper.

The move is all the more notable from an Australian perspective, because CIBC's only other line of business in the country is as an adviser to the mining industry. There is a method to CIBC's apparent madness, however. The bank is one of a number of financiers taking advantage of the split between originator Aussie Home Loans and its principal funding vehicle - PUMA Finance, which is managed by Macquarie Securitisation - to set up multiseller programs capable of servicing AHL and others. The possibilities are intriguing, given the changes happening in the Australian market.

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