Commonwealth Bank of Australia (CommBank) is seeking to demonstrate the viability of the Australian Overnight Index Average (AONIA) as an alternative reference rate (ARR) to the securitisation market through a first-ever residential mortgage-backed securities (RMBS) deal linked to the benchmark. The issuer says it is confident the market is ready for this type of issuance and expects all its future RMBS issuance to be AONIA-linked.