News
The New Zealand capital market is working its way through regulatory changes and awaiting certainty on the turn of the rates cycle. But domestic and international high-grade market participants who joined a roundtable discussion hosted by KangaNews and Westpac in July say the direction of travel is largely positive.
The New Zealand dollar credit market saw revived deal flow at the start of August, with a NZ$152 million (US$92.6 million) asset-backed securities (ABS) deal from Humm Group and a NZ$600 million tier-two from Westpac New Zealand. In Australia, Westpac Banking Corporation took advantage of limited new issuance in July to price a A$2.25 billion (US$1.5 billion) senior deal.
Demand has been building during a quiet period for new issuance in the Australian dollar market, allowing Westpac Banking Corporation to print a new three-year deal at a competitive margin. The issuer says market conditions were its primary motivating factor as its funding need is limited approaching the end of the bank’s 2022/23 financial year.
