News
On 12 October, CPIF Finance, the financing entity of Charter Hall Prime Industrial Fund (CPIF) (Baa1) mandated ANZ, National Australia Bank and SMBC Nikko to arrange group and individual investor update calls beginning 13 October, regarding a potential 10-year Australian dollar deal.
On 12 October, Treasury Corporation of Victoria (TCV) (AAA/Aaa) launched a new March 2024, Australian dollar denominated, floating-rate note (FRN), benchmark transaction. Indicative price guidance for the forthcoming deal is 13-15 basis points area over three-month bank bills. Pricing is expected on the day of launch, according to lead managers ANZ, BofA Securities and Westpac Institutional Bank.
On 12 October, Argosy Property launched its seven-year, NZ$125-150 million (US$83.2-99.9 million), senior-secured, green-bond transaction, offered to institutional and New Zealand retail investors. The deal, which is expected to price on 16 October, is being marketed at 195-215 basis points area over mid-swap.
The Australian federal government has proposed changes to responsible-lending rules, with the goal of encouraging credit supply and thus maximising the economic impact of ultra-low rates. Nonbank lenders are watching developments closely and with some concern that they may further tilt the playing field in favour of authorised deposit-taking institutions (ADIs).
Equity Trustees is Australia’s only publicly listed trustee company specialising solely in fiduciary services. Its size allows it to offer a full suite of trustee and agency solutions to a broad range of clients, while its focus on fiduciary services means it can be flexible to meet niche demands.
House prices in New Zealand have risen over the COVID-19 period, defying the expectations of many in the early stages of the pandemic. The prospect of negative interest rates should buoy the sector further, though there are still plenty of headwinds to navigate.
Securitisation deals came to the fore in Australasian markets in the second week of October. Three issuers executed an aggregate A$1.5 billion (US$1.1 billion) of securitisation transactions in Australia, while New Zealand had its second residential mortgage-backed securities print for the year.
