News
New South Wales Treasury Corporation’s recent A$4 billion syndicated deal was the first ever dual-tranche floating-rate note transaction from a semi-government issuer. The issuer says it offered this structure to gain interest from its targeted Australian deposit-taking institution investors.
Prospa debuted in the securitisation market on 9 September with a A$200 million (US$145.2 million), National Australia Bank-arranged deal that is the first to be backed by small-business loans and lines of credit in Australia. Prospa’s chief financial officer, Ross Aucutt, treasury manager, Sanam Vikash and, capital management adviser, Raj Bhat, discuss the transaction’s complexities.
Treasury Corporation of Victoria returned to green, social and sustainability bond issuance on 16 September with an invigorated and larger programme. The borrower wants its new 2035 sustainability bond to be considered a part of, rather than an adjunct to, its vanilla curve and as such it plans further to increase its volume on issue from the initial A$2.5 billion (US$1.8 billion).
ElectraNet’s first Australian dollar deal was a departure from its usual sources of funding—the US private placement market and bank debt. The issuer says diversification drove the decision to enter the local market and that it was rewarded with a positive buy-side response.