The AOFM conducted its first auction (in this auction series) of RMBS that were acquired after the GFC. In all, bids were received for around $1.7bn but the AOFM only accepted $226m in original face value terms. This was deemed a “fizzer” by the Financial Review but others saw it as the AOFM being a disciplined seller. The second auction of three will take place on 14 July.