News
CNH Industrial Capital Australia launched its asset-backed securities (ABS) transaction, CNH Industrial Capital Australia Receivables Trust Series 2021-1, on 3 May. Indicative total volume for the deal is A$300 million (US$231.9 million), with the ability to upsize, and is expected to price on 6 May. ANZ is arranger and lead manager.
On 3 May, La Trobe Financial launched its residential mortgage-backed securities (RMBS) deal, La Trobe Financial Capital Markets Trust 2021-1 (LFCMT 2021-1). Total capped volume for the deal is A$1.25 billion (US$964.4 million) and is expected to price on 4 May.
Australasian market activity in the final week of April was highlighted by Asian Infrastructure Investment Bank's debut sustainable-development bond Kangaroo, World Bank's seven-year Kauri and Firstmac's record-breaking residential mortgage-backed securities transaction.
Firstmac’s latest residential mortgage-backed securities deal was the highlight of five nonbank transactions to print in the second half of April. The issuer achieved a volume and pricing record despite a crowded market.
On 30 April, SkyCity Entertainment (BBB-) revealed plans for a NZ$125-175 million (US$90.5-126.7 million) six-year transaction. Offered to institutional and New Zealand retail investors, the margin will be set following a bookbuild in the week beginning 10 May. Westpac Banking Corporation New Zealand Branch is arranger and joint lead manager alongside ANZ, Commonwealth Bank, Craigs Investment Partners, Forsyth Barr and Jarden Securities.
At a Climate Bonds Initiative event on 29 April, the organisation’s chief executive, Sean Kidney, said the difference between actual and required sustainable investment to meet the demands of green transition remain significant. He also outlined the risks to Australia in being a climate laggard.
Asian Infrastructure Investment Bank took advantage of conducive market conditions and growing Australian dollar demand for sustainable debt to print its long-awaited debut in the Kangaroo market on 28 April. The issuer says an expanded, and fully sustainable, funding programme should support regular Kangaroo issuance.