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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.



NOTES

FORTHCOMING ISSUES

ISSUE (QUARTER) Release Date
December 200726 February 2008
March 2008 27 May 2008


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.



INQUIRIES

For further information about these and related statistics, contact the National Information and Referral Service on 1300 135 070 or Deborah Macpherson on Canberra (02) 6252 7709.



SUMMARY COMMENTARY


KEY FIGURES

Securitisers, Australia - Assets and Liabilities

Jun Qtr 2007
Sept Qtr 2007
% change Jun Qtr 2007 to Sept Qtr 2007
$m
$m
%

Total assets at end of qtr
273 977
272 446
-0.6
of which
Mortgages
Residential
204 655
202 995
-0.8
Non-residential
11 199
10 319
-7.9
Total liabilities at end of qtr
273 977
272 446
-0.6
of which
Asset backed Securities
Issued domestically
150 799
169 582
12.5
Issued off shore
96 787
84 542
-12.7



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
Graph: 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.


During the September quarter 2007, Residential mortgages decreased by $1.7b (0.8%) and Non-residential mortgages decreased by $0.9b (7.9%), while Long term securities asset-backed bonds increased $1.6b (8.3%).

NET ACQUISITION OF MORTGAGES DURING QUARTER
Graph: Net Acquistion 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
Graph: 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 issued domestically increased to 62.2% of total liabilities, up 7.2 percentage points on June quarter 2007.

ASSET BACKED SECURITIES, (percentage of total liabilities)
Graph: Asset Backed Securities, percentage of total liabilities



General comments:

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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