News
CNH Industrial Capital Australia began taking indications for its asset-backed securities (ABS) transaction, CNH Industrial Capital Australia Receivables Trust Series 2021-1, on 29 April. Indicative total volume for the deal is A$300 million (US$234.5 million), with the ability to upsize, and is expected to launch in the week beginning 3 May. ANZ is arranger and lead manager.
On 29 April, Australian Finance Group (AFG) began taking indications of interest for its residential mortgage-backed securities (RMBS) deal, AFG 2021-1. Indicative total volume for the transaction is A$500 million (US$390.5 million), with the ability to upsize, and is expected to launch in the week beginning 3 May. National Australia Bank is arranger and lead manager alongside ANZ.
S&P Global Ratings revised the outlooks on 17 Australian financial institutions to positive from stable on 27 April based on its view that the Australian banking industry risk trend – within its banking industry country risk assessment – is now positive. The improved outlook notably excludes the big-four banks, however, given their close ties to a negative sovereign outlook.
On 29 April, Kommunalbanken Norway (KBN) (AAA/Aaa) launched a new, April 2023 Kauri transaction with minimum volume of NZ$150 million (US$109.1 million). The forthcoming deal has indicative price guidance in the area of 1 basis point over mid swap, equivalent to 21.5 basis points area over New Zealand government bond. Pricing is expected on the day after launch, according to lead manager BNZ.
On 29 April, La Trobe Financial began taking indications of interest for its residential mortgage-backed securities (RMBS) deal, La Trobe Financial Capital Markets Trust 2021-1 (LFCMT 2021-1). Total indicative volume for the transaction is A$750 million (US$585.5 million), with the ability to upsize to A$1.25 billion, and is expected to launch in the week beginning 3 May.
In 2020, KangaNews launched its Women in Capital Markets Yearbook with a focus on amplifying female voices in the Australian market. The publication received widespread positive response, including requests from New Zealand to bring a similar project to the other side of the Tasman Sea. On 8 March this year – International Women’s Day – KangaNews hosted its first roundtable discussion exclusively featuring female leaders in the New Zealand debt market. The event was not just to discuss gender diversity but to provide a forum for their voices at a key moment of market development.
On 29 April, Bank of Queensland (BOQ) (BBB+/A3/A-) launched a new Australian dollar denominated, five-year, senior-unsecured, benchmark transaction. Offered in either or both fixed- and floating-rate note formats, indicative price guidance for the deal is 68 basis points area over swap benchmarks.
Bank balance sheets are the component of the Australian capital market that has been most profoundly affected by the pandemic. The dramatic fall in bank wholesale-debt issuance has been much discussed, but the impact on demand across asset classes is almost as significant.
Housing affordability has been a critical issue in New Zealand for some time but a price explosion in 2020 has heightened the national focus. The government has announced a suite of policies to tackle the issue but efforts to press gang monetary and regulatory policy into service have run into resistance.
