After a busy end to the Financial Year, as expected the public new issue market took a breath as the Northern Hemisphere went on their summer holidays and the world watched the Paris Olympics. In July, there was only four public, new issues executed including an issuer’s inaugural reverse mortgage, RMBS transaction and the first issued in the Australian market since pre-GFC. Due to a combination of credit, relative value and portfolio optimisation considerations, the Gryphon investment committee elected not to participate in any of these transactions.
GCI Investor Update July 2024