Henry Stewart

Henry Stewart

Associate Director – Credit Structuring (RMBS/CMBS/ABS analysis)

Henry joined FIIG full time in 2011 as a part of the structured credit team, providing ongoing analysis of both primary and secondary market flows in asset backed investments such as Residential Mortgage Backed Securities (RMBS).

Henry started working with FIIG on a part time basis in 2007, while he was completing Bachelor of Commerce (Economics and Finance) and a Bachelor of Arts (Political Science) at The University of Melbourne.

As a complement to this role, he has been part of FIIG’s growing Debt Capital Markets team since its inception in 2012.

Education (advanced)

Decoding RMBS ratings

A step by step guide of the basic process ratings agencies apply, using the recently issued Pepper Residential Securities Trust No. 12 as an example, showing the substantial amounts of housing market stress that even sub-investment grade RMBS are designed to withstand.

Legacy

RMBS becoming simpler and more transparent

At the Australian Securitisation Forum in October, both the Australian Prudential Regulation Authority (APRA) and the Reserve Bank of Australia (RBA) announced changes important to any investors interested in RMBS. APRA clarified how it will allow ADIs to issue and hold RMBS in the future, while the RBA established detailed new reporting standards.