The Australian mortgage-backed securities market has once again become the focus of attention, with non-bank financier Australian Mortgage Securities Ltd pricing the biggest deal to date in the sector, and the announcement of a potentially controversial takeover offer by the local subsidiary of U.S.-based PMI Group Inc. for a British-owned mortgage insurer.

The moves, while modest enough in themselves, suggest that the local market - recently ignored by major issuers in the rush to issue overseas- is developing some interesting new dynamics.

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