Australia's largest corporate trustee, Perpetual Corporate Trust, has declared that the securitisation market is "open" and expects to see a recovery in mortgage-backed securities issuance in coming months.There have been no issues of mortgage or asset-backed securities by Australia issuers so far this year. At the same stage last year more than A$5 billion of RMBS had been issued.Perpetual chief executive Geoff Lloyd said the issuer market was subdued because of high margins.Lloyd also said that run-off rates in existing securities were elevated, as borrowers continued to take advantage of low interest rates to pay off their mortgages.However, he said the market was open for issuers and funding warehouses were at levels that suggested that lenders would be in the market before long.Perpetual Corporate Trust contributed pre-tax profit of $16.6 million to group earnings in the six months to December. The result was 16 per cent up on the previous corresponding period but two per cent down half-on-half.The margin on revenue rose from 36 per cent in the December half in 2015 to 39 per cent in the June half and remained at that level in the latest half.Funds under administration were $413.6 billion at the end of December, compared with $359.5 billion in the previous corresponding period.Lloyd said the business was protected from any weakness in the securitisation market as a result of some recent diversification. Increased foreign investment in Australian infrastructure and other "real assets" had provided growth in the division's fund services business.And in July last year it launched ABSPerpetual, a data service providing transaction, collateral and other information on the securitisation market. The business aims to capitalise on a Reserve Bank requirement for greater transparency of repo-eligible securities.Lloyd said the data services business was growing well.