Australia’s securitisation markets are expected to recover in the second half of 2008, according to ratings agency Fitch Ratings. Volume however will be low compared to previous years.
Fitch told the Sydney Morning Herald today that a total market volume of $30 billion was expected for 2008, with only $10 billion expected to be written in the first half of the year.
The estimate falls far short of 2007’s volume of $56.8 billion.
“We expect the year to start slowly in terms of issuance but to build in momentum as the year progresses and as the market finds equilibrium between pricing expectations of issuers and investors,” said Fitch managing director and head of structured finance Ben McCarthy.
The ratings agency expects to see 2008 defined by smaller deals and a noticeable increase in non-residential mortgage backed securitisation transactions.
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