Southland seeks RMBS investors 22 June 2009 4:33PM Philip Bayley It appears that RMBS can be issued in New Zealand. S&P announced on Friday that it had rated the NZ$121.6 million of Class 1 notes to be issued by SBS Oreti Trust No.2, 'AAA'. The NZ$5.35 million Class 2 notes were not rated. The securitisation is sponsored by Southland Building Society.