NZ RMBS monitored for earthquake impact
With the full impact of the September 2010 earthquake on New Zealand RMBS issuances yet to be studied, ratings agency Fitch said it will now monitor transactions for the additional impact of the more severe February Christchurch earthquake. Among the 10 transactions listed by Fitch, the one with the largest exposure to the earthquake is Westpac's NZ$4.90 billion RMBS, which has a 15.8 per cent exposure to Canterbury as of January 2011. BNZ's $6.49 billion RMBS has a 13.9 per cent exposure to Christchurch as of February; ANZ National's $5.08 billion RMBS has a 10.8 per cent exposure to Canterbury, while ASB Bank's $4.06 billion RMBS has a 6.8 per cent exposure to Canterbury. Kiwibank's $600 million RMBS has a 13.6 per cent exposure to Canterbury as of January.