News
The Australian Office of Financial Management (AOFM)’s June 2051 syndication reaffirmed offshore investors’ interest in the long end of the government bond curve, having taken longer to recover from COVID-19 volatility.
KangaNews is pleased to announce the results of its 10th annual Fixed-Income Research Poll. The survey polls the opinions of institutional investors in the Australian fixed-income market on the research they receive across a range of sectors. This year’s results include a new winner in the coveted best overall provider category.
Resimac issued its second residential mortgage-backed securities (RMBS) deal since mid-March, this time from its Bastille nonconforming programme, on 23 July. The borrower says investor support, particularly from offshore, is promoting solid market conditions.
Port of Brisbane is the latest in a clutch of corporate borrowers to bring a deal initially mandated prior to the COVID-19 crisis. As a defensive credit, deal sources say the transaction – issued out of QPH Finance, met demand sufficient to facilitate substantial price tightening.
Australian Finance Group (AFG) achieved its largest-ever volume and deep engagement with offshore investors in its recent return to residential mortgage-backed securities (RMBS) issuance. The borrower says its unique position in the market has elevated its brand during the crisis.
In May, Commonwealth Bank of Australia (CommBank) and KangaNews undertook a ground-breaking research project to learn more about Australian fixed-income investors’ green, social and sustainability (GSS) strategies. The results of the Fixed-Income Investor GSS Survey shine the spotlight on a market that has evolved significantly but remains a work in progress.
Immediately after completing their Fixed-Income Investor GSS Survey, Commonwealth Bank of Australia (CommBank) and KangaNews convened a panel of leading Australian fixed-income investors to discuss and add colour to the survey findings. Investors explain why they think as they do on green, social and sustainability (GSS) issues and share views on how the space may evolve in future.
The economy-wide impact of COVID-19 has affected Australian corporate borrowers in a host of ways. But access to funds has generally remained in place as issuers navigate a path back to some type of normality – even for those in the most affected sectors.
COVID-19 has spurred record volume of social-bond issuance and some sustainable-finance experts believe the crisis will be the catalyst for much more widespread adoption of the instrument. Despite the best efforts of advocates, however, the hurdles to habitual use of social bonds, especially in the private sector, remain high.
The Australian Office of Financial Management (AOFM) and New Zealand Debt Management (NZDM) syndicated new bond lines on the same day for the first time, on 14 July. Deal sources say targeting different parts of the curve helped both transactions proceed well.
In June, Westpac Institutional Bank and KangaNews brought together the biggest issuers in the Australian government sector to discuss a rollercoaster ride in markets since the end of March. The issuers describe a relatively straight-line improvement since the thrills and spills of the March-April period, with returning investors supporting increasing issuance volume and liquidity at extended tenor.
New Zealand’s government-sector issuers experienced market upheaval as severe as their neighbours in Australia during the height of the COVID-19 crisis in March and April. Intervention from the Reserve Bank of New Zealand (RBNZ) and an enviable pace of economic reopening have improved the outlook, but issuers at a KangaNews-Westpac roundtable in June say plenty of challenges remain to be faced.