Since the start of 2013, the AOFM has sold around $ billion of its RMBS holdings in five transactions, including in February this year the sale of a large part of its holdings of mezzanine tranches following strong investor demand for such exposures.
5  One area where there has been stronger growth has been in the area of subordinated debt, with the banks issuing new Basel III compliant securities to refinance legacy Tier 1 and Tier 2 securities and to meet strong investor demand. 6  The stock of outstanding government-guaranteed bonds has declined to around $ billion, reflecting maturities and buybacks.