News
Relative value helped garner South Australian Government Financing Authority an oversubscribed orderbook in the second syndicated transaction it has issued as a sustainability bond. The issuer says demand was sticky even after price revisions, making allocations one of the more challenging aspects of the execution process.
National Australia Bank reignited big four residential mortgage-backed securities issuance late in H1 with a tightly-priced, upsized A$2 billion deal. Securitisation issuers continue to achieve decent size despite spread compression across the sector dampening volumes after a record period of new issuance in Australia.
Securitisation was the main driver of Australian primary market flow in the week ending 21 June. Deals include a A$2 billion residential mortgage-backed securities transaction from National Australia Bank, the first major bank securitisation deal since January, and a privately placed trade from Firstmac that the issuer says ups the ante on green collateral.
