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Australian RMBS market hopes to benefit from return of investor risk appetite
In terms of collateral, the Australian residential mortgage-backed securities market has performed better than its peers for several years, thanks mainly to its blemishless default history. After a post-crisis slump, a revival of domestic issuance is under way; but it could take much longer for cross-border transactions to follow.
![monopoly-house-australia-flag monopoly-house-australia-flag](/sites/default/files/styles/landscape_750_463/public/import/IMG/634/124634/monopoly-house-australia-flag-580x358.jpg.webp?itok=R9L-tO81)
In the months preceding the credit crisis, Australian residential mortgage-backed securities were the poster child for the success of the global securitisation market. With transactions showing unequalled collateral performance, global investors were sold on the Aussie RMBS story; buying paper in large quantities despite the razor-thin spreads on offer.
The peak came in February 2007 with the A$7 billion ($5.5 billion at time of issue) multi-currency transaction by Commonwealth Bank of Australia
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