Reiterating what common sense should have made very plain for the securitisation sector, James Austin and Neil Calder said investors want issuers to provide plenty of historical data and loan level data - and to make it all available in the one spot.This was the main message to emerge from several discussion panels yesterday at the Australian securitisation 2016 conference.The view was made plain in a three way discussion between James Austin, chief financial officer and chief investment officer at Firstmac; Neil Calder, head of credit investments at the European Bank for Reconstruction and Development; and Richard McCarthy, general manager of sales, product and marketing at Perpetual Corporate Trust.Austin noted that the Firstmac balance sheet was approaching A$8 billion in securitised funding. Whilst most of it is in Aussie dollars, around 20 per cent is in foreign currency. "More importantly, more than half of that $8 billion is from offshore investors," he said. "This is crucial if we are to get that additional demand over and above what we can achieve domestically."He said this required more effort in allowing those investors dealing in multiple jurisdictions to have more time to consider the different pieces."For a non-bank, there are a lot more issues that investors need to look through, so when we go offshore we tend to do it as a non-deal roadshow," he said.Calder agreed, adding that one major change over the past four or five years since these offshore investors started taking a renewed interest in Australian securitised products was the requirement to provide enough data for them to do their own due diligence, independent of the ratings agency, in time to make an investment decision."For example we were looking at the most generic UK auto securitisation transaction and the data pack we received had quarterly gross loss and net loss data reporting going back to Q1 2008; and dynamic delinquency data on a monthly basis going back to January 2007," Calder said."When you have that depth of information, the ability to create your own base case and stress case curves are inordinately improved."Austin explained the investor relations approach adopted by Firstmac mirrored the approach taken for domestic investors. "Typically the offshore investor will have very similar requirements to local investors. At the end of the day the information needs to be consistently available and ideally in one place - although investors may have a different idea where that one place should be."Calder chimed in with a cultural tip for Australian issuers looking for European buyers of RMBS: avoid the second week in February, "as that's when the whole of Europe decides to take off and go skiing. They will not just be missing from England but France, and Germany, the Austrians and so on," he warned.Austin then added that the most frequent question was not about the Australian housing industry but the frequency of issuance. "It's about liquidity. The biggest complaint I hear from investors is lack of liquidity in the secondary market in Australia," he said.That leaves