News
Pepper Money landed its debut social-bond residential mortgage-backed securities deal and Treasury Corporation of Victoria printed a bumper dual-tranche FRN transaction via syndication in the week bridging May and June. Meanwhile, corporate issuance continued at pace in New Zealand.
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.