The optimism of Challenger Mortgage Management when it sized its Challenger Millennium Series 2008-2 Trust RMBS issue at $750 million was clearly not misplaced. Challenger surprised the market when the deal was priced on Thursday by upsizing it to $824 million. This comes after market participants had been very vocal the week before, saying that AOFM's efforts to stimulate the RMBS market were having very little impact.As it was, AOFM took the first $500 million and other investors took the rest. Some overseas investor participation was also hinted at. At face value, this would have to be a very positive development given that overseas investor participation in domestic RMBS issuance virtually ceased at the end of 2007, when some overseas investors started dumping the product as fast as they could.It was presumably coincidental that the pricing of the issue came just after the Australian Securitisation Forum, the European Securitisation Forum, the American Securitization Forum and the Securities Industry and Financial Markets Association announced a co-ordinated response to the crisis in global securitisation markets. The changes announced and outlined in this newsletter on Friday revolve around improving the transparency of transactions and the on-going flow of information to investors: things that should have been done long ago but weren't, due to claims of confidentiality and proprietary information.Bendigo and Adelaide Bank moved quickly to address the problems caused by the downgrading of its internal securitisation, Torrens Series 2008-1 Trust by Standard & Poor's, as mentioned here last week. The bank announced the establishment of the Torrens Series 2008-4 Trust, rated by Moody's Investors Service. The trust comprises $1.957 billion of 'Aaa' rated Class A notes and $121.8 million of unrated Class B notes.Across the Tasman sea, Genesis Power Ltd (rated 'BBB+/Stable/--' and not guaranteed by the New Zealand government), priced the NZ$150 million bond issue it launched the week before and accepted oversubscriptions of a further NZ$75 million. Genesis priced NZ$120 million of bonds maturing 15 March 2014, at 180 bps over swap and NZ$105 million of bonds maturing 15 March 2016, at 210 bps over swap. INSTO reported that 90 per cent of the issue was taken up by retail investors.Wellington Airport announced a NZ$50 million, five year, bond issue aimed at retail investors and will accept oversubscriptions of a further NZ$50 million. The bonds will pay a 7.5 per cent coupon.