News
Transpower shortened tenor and issued a floating-rate coupon to ensure smooth execution for its debut green bond, the issuer says. The deal represents the first step to a green debt portfolio for Transpower, which plans three or four further transactions in 2022.
Treasury Corporation of Victoria exploited bank balance sheet demand for floating rate notes to print its largest-ever syndicated transaction in a period that has seen little of this type of issuance from semi-government names. The issuer says floating-rate supply forms part of its flexible funding strategy.
Macquarie Bank recorded strong interest for its latest tier-two deal, taking advantage of the relative lack of subordinated debt supply to place the transaction successfully. Deal sources note high domestic engagement supported by a 20 basis point new-issue concession.
The property sector has been the biggest source of Australian dollar corporate green bonds but much of the supply has been based on office assets. Vicinity Centres’ debut green bond took the road less travelled: a use-of-proceeds green bond backed by mixed-use but predominantly retail properties.
Bank of Queensland returned to euro covered-bond issuance on 31 May, using a window between its half-year results and the European summer market slowdown to deliver what the bank says is a highly competitive cost of funds. The issuer says it had no qualms about execution that was timed to suit its own funding strategy.
KangaNews is pleased to reveal the results of its 12th annual Fixed-Income Research Poll, a survey that asks institutional investors in the Australian fixed-income market to rank the research they receive across a range of sectors.
Air New Zealand says parallels between its credit and that of Qantas helped its debut Australian dollar deal find strong local support as it kicked off the debt side of a major recapitalisation programme announced in March 2022. Familiarity with the Air New Zealand credit provided a good starting point and deal sources say the issuer’s investor engagement and marketing efforts ensured a successful landing.
Bluestone doubled the size of its return to prime residential mortgage-backed securities issuance, having commenced the deal process with a relatively small transaction designed to minimise execution risk. The issuer expects a follow up deal from its Sapphire nonconforming programme in a few months, further building out its Australian dollar programme.
The KangaNews Market People of the Year are the individuals who voters in the KangaNews Awards 2021 believe went above and beyond their roles to contribute to the development of the Australian and New Zealand debt markets. There are no restrictions on the firms, positions or seniority of winners – voters are simply asked to consider who contributed most to the market in either or both 2021 specifically or across the span of a career.
National Australia Bank says its euro green bond will support its fast-growing green financing book. The bank updated its green-bond framework in April as it targets a wider range of clients with innovative sustainable financing products, such as loans to the agricultural sector.
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.
ING Bank Australia leaned on European and UK investors to place the seven-year tranche of its latest covered bond, the first Australian dollar deal in the format to feature this tenor since 2005. The issuer says the maturity attracted new investors and supported successful execution.