One recent deal was structured without a serial pay trigger, which has been the norm in recent years, apparently in anticipation of the changes to the APRA’s prudential standard on securitisations outlined late last year. 7 2013 saw the first Australian CMBS issue since 2011, and although volumes have remained low this has been followed by a further two transactions.
Issuance of other ABS has remained strong, with 2013 recording the highest level of gross issuance on record with a sizable pick-up in Australian dollar issuance. 7  For an outline of APRA’s proposed reforms to APS 120 see Littrell C (2013), Prudential Reform in Securitisation, Presentation to the Australian Securitisation Forum, Sydney, 11 November. Available at <http://www.apra.gov.au/Speeches/Documents/CharlesLittrell-Australian-Securitisation-Forum11November2013.pdf>.