...Cumulative gross and net losses since closing are trending to 1.5% and 0.8%, respectively, at 36 months after closing. These levels are significantly below Fitch base-case losses. Gross losses for the 2013 vintage appear to be trending above previous years; this was driven by a small number of transactions issued early in 2013. Gross losses should decline as 4Q- issued transactions age. Net losses have significantly benefitted from strong recoveries. Net losses of 2012 vintage are below that of earlier years, driven by the relatively strong performance of AUD1.15bn Crusade ABS Series 2012-1 Trust. The 2013 vintage appears to be performing in line with the earlier vintages. Net losses have generally been covered by strong excess spread. Recoveries were flat during 1Q14, ending the year at 46.4%. Recoveries have averaged 40%- 60% across different vintages, although early indications are that 2013 recoveries have been strong. Three new transactions were added to the index in 1Q14, while two...
