Australian Bureau of Statistics
5232.0.55.001 - Assets and Liabilities of Australian Securitisers, Sep 2007
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 29/11/2007
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29/11/2007 Note: The Main Features is being replaced to change the date label in the Key Figures table from Jun Qtr 2006 to the correct period Jun Qtr 2007. The data contained in the table were correct for Jun Qtr 2007.
REVISIONS IN THIS ISSUE
The correction of data previously provided to the ABS and the incorporation of final survey data has resulted in revisions to estimates from March quarter 2007.
Assets of Securitisers
At the end of the September quarter 2007, total assets of Australian securitisers were $272.4b, down $1.5b (0.6%) on the June quarter 2007 total. The fall in the assets of Australian securitisers, the first for 12 years, was driven from the liability side of the balance sheet. This was due to securitisers' limited ability to issue debt securities during the September quarter 2007.
PERCENTAGE CHANGE IN TOTAL ASSETS, from previous quarter
Mortgage assets, which accounted for 78.3% of total assets, were $213.3b at 30 September 2007, a decrease of $2.5b (1.2%) during the quarter.
NET ACQUISITION OF MORTGAGES DURING QUARTER
Liabilities of Securitisers
The decrease of $1.5b in total liabilities during the September quarter 2007, the first decrease since June 1995, was due to a decrease in asset backed securities issued overseas (down $12.2b, 12.7%) and Other liabilities non-residents (down $8.8b, 63.8%), while increases were recorded for Short term asset-backed securities issued in Australia (up $14.2b, 56.3%) and Long term asset-backed securities issued in Australia (up $4.6b, 3.7%).
The slowing of debt issuance and fall in liabilities is an expected consequence of events in foreign sub-prime mortgage markets, which have decreased demand for bonds backed by mortgages. This has been particularly relevant for Australian special purpose vehicles issuing bonds into the offshore markets. This has resulted in a movement from offshore to domestic issuance, with short-term securities favoured while issuers assess the market and risk is repriced.
INCREASE IN ASSET BACKED SECURITIES, from previous quarter
Asset backed securities issued overseas fell to 31.0% of total liabilities in the September quarter 2007, down 4.3 percentage points on June quarter 2007.
ASSET BACKED SECURITIES, (percentage of total liabilities)
This document is being replaced to change the date label in the Key Figures table from Jun Qtr 2006 to the correct period Jun Qtr 2007. The data contained in the table were correct for Jun Qtr 2007.
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This page last updated 25 February 2008