It may not sound like much to predict that total offshore issuance of MBSs backed by Australian home mortgages is expected to hit $10 billion this year – but that would represent another solid year for a sector that has recently notched a series of big gains. Issuers of Australian MBSs have to rely on offshore investors to absorb a good portion of their production volume and most of that issuance is denominated in U.S.