Australian ABS, RMBS delinquencies rise

From Moody’s today comes an update on securitisation delinquencies. Auto asset-backed securities (ABS) are deteriorating in a rising trend:

That trend looks likely to trouble GFC highs pretty soon. Auto loans are fixed interest so a falling cash rate does not help directly. They are therefore a more pure read on credit stress. Here are the details:

And vintages:

Looks like a little mining boom exuberance washing through 2013.

Turning to RMBS we find a seasonal rise within a declining trend which I expect to turn around later in the year:

And the detail:

Plus vintages:

2014 does not look well.