News
New South Wales Treasury Corporation targeted bank balance sheet investors with its latest floating-rate offering, noting the format was the ideal option for issuing into a more volatile market. The issuer says it wants to add new lines in future but will also focus on adding liquidity to existing ones.
Ampol’s latest hybrid deal features an innovative structure that integrates sustainability-linked features while keeping 50 per cent equity credit – a feat the lead manager says a rated issuer has not previously achieved. Issuer and lead say strict alignment with the Sustainability-Linked Bond Principles was not a priority as this is a bespoke transaction sold to just a few investors.
BNZ identified a narrow window of market stability to revisit its euro covered-bond programme on 21 June, finding strong demand across Europe for the five-year mortgage-backed deal. The covered product was an obvious choice for the volume the issuer sought as ongoing market turbulence makes senior-unsecured pricing less attractive, deal sources say.
National Australia Bank pre-placed the senior notes of its latest residential mortgage-backed securities deal and added a green tranche to smooth deal execution. The transaction is the first of its type from a major Australian bank this year and further evidence major-bank funding programmes are normalising, according to deal sources.
Following a test launch in March, the Taskforce for Nature-related Disclosures is progressing toward a late-2023 implementation date for its framework. Sources say Australasian corporates look reasonably well-prepared – but they cannot say the same for institutional investors.
Rentenbank’s first seven-year Kauri in five years received strong demand and printed at double its indicative volume at launch. The borrower says it will target longer-dated maturities for the remainder of the year, in all markets.
Australian nonbank lenders have long discussed the potential alignment of the type of lending they do with social-bond funding. As the first local issuer to bring an all-social residential mortgage-backed securities deal, Pepper Money says the value of the platform is primarily about the opportunity this type of funding offers for future development of lending product.
Australian nonbank lenders have long discussed the potential alignment of the type of lending they do with social-bond funding. As the first local issuer to bring an all-social residential mortgage-backed securities deal, Pepper Money says the value of the platform is primarily about the opportunity this type of funding offers for future development of lending product.
Asian Development Bank notes a rebalancing of demand for its latest Kauri gender bond, with solid local interest driving a successful placement despite reduced offshore demand. The supranational has already printed its largest annual volume in the Kauri market off the back of this second jumbo trade.
ASB Bank is the first New Zealand issuer to price an offshore tier-two deal under the Reserve Bank of New Zealand’s new bank-capital definitions. The US dollar transaction was popular with investors – about five times oversubscribed – and priced tighter than similar tier-two debt issued by Australia’s big-four banks.
Australian mortgage lenders say their books – and the securitisation and covered-bond structures they use to fund them – are of sufficient quality to withstand growing pressure on loan serviceability as rates continue to rise and cost of living challenges grow. Speakers at an Australian Securitisation Forum investor briefing in London noted solid prepayment and serviceability buffers while acknowledging that arrears will inevitably climb.
Lloyds Banking Group returned to Kangaroo issuance on 1 June after a three-year absence as it seeks to re-establish its presence in strategic and regional markets post-pandemic. Deal sources say the issuer captured demand for fixed-rate paper at shorter tenor in a tight execution window, with domestic real money driving the trade.