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StumbleuponJust $9bn worth of asset-backed securities are expected to be issued in 2009, according to an industry poll carried out by Reuters.
None of the18 institutions polled expected asset-backed issuance (of which most are residential mortgage-backed securities) to exceed last year's $11bn, itself a fraction of the $57bn issued in 2007.
Craig Saalmann, an independent consultant in capital markets, was quoted as saying the asset-backed market would be the last one to recover because it is "more structured and less liquid".
Australia is the world's fourth-largest market of mortgage backed securities, but it has slumped terribly in the wake of the credit crisis, sending many non-banks out of business.
This is despite it having no RMBS defaults to date and a mortgage arrears rate of just 1.58% (measured in October last year ), far lower than the US.
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