Briefs: CUA launches RMBS, NCI index shows business loan defaults easing, Volkswagen eyes ABS 10 February 2015 4:22PM Banking Day staff Briefs, CUA has launched an issue of residential mortgage-backed securities, seeking A$500 million of funding. Series 2015-1 Harvey Trust is backed by a pool of prime residential mortgages. With its base in Brisbane, 43.5 per cent of the loans originated in Queensland. The average loan to valuation ratio is 64.2 per cent. Loans with LVRs above 80 per cent make up 16.6 per cent of the portfolio. The quarterly "index" produced by National Credit Insurance (Brokers) may point to an easing in business loan defaults. Claims placed with NCI fell by 27 per cent during the December 2014 quarter, and the number of overdue payments reported fell by 18 per cent, NCI said yesterday. The firm said there was a 12 per cent drop in the number of restrictive credit limit decisions being given by underwriters and a reduction of 7.5 per cent in the number of accounts reported by clients as being seriously overdue. Volkswagen Financial Services AG has mandated ANZ and Citigroup to arrange a series of asset-backed securities investor meetings in Australia in the week of February 16. ANZ Global Markets said in a statement that a transaction under the Driver Australia ABS program denominated in Australian dollars may follow, subject to market conditions.