News
On 30 July, the Australian Office of Financial Management (AOFM) (AAA/Aaa/AAA) revealed a tentative gross treasury bond issuance volume of A$240 billion (US$172.2 million) for the 2020/21 financial year, up from the A$128 billion issued in 2019/20. It includes A$50 billion to fund maturing debt and A$190 billion of net new issuance.
The Australian Office of Financial Management (AOFM)’s June 2051 syndication reaffirmed offshore investors’ interest in the long end of the government bond curve, having taken longer to recover from COVID-19 volatility.
KangaNews is pleased to announce the results of its 10th annual Fixed-Income Research Poll. The survey polls the opinions of institutional investors in the Australian fixed-income market on the research they receive across a range of sectors. This year’s results include a new winner in the coveted best overall provider category.
On 29 July, Macquarie Bank launched a self-led residential mortgage-backed securities (RMBS) refinancing of its PUMA series 2015-3. Total indicative volume is A$306.7 million (US$219.9 million) and is expected to price on the day after launch.
On 29 July, Ausgrid Finance (BBB/Baa1) launched its new Australian dollar denominated, benchmark transaction, offered in either or both a 3.5-year floating-rate note and a 6.5-year fixed-rate line. Indicative price guidance for the forthcoming deal is, respectively, 115-120 and 145 basis points area over swap benchmarks.
On 29 July, New Zealand Local Government Funding Agency (LGFA) (AA+/AA+) launched an indicative NZ$500 million (US$333 million) dual-tranche transaction to institutional and New Zealand retail investors by syndication. The forthcoming offer includes a NZ$200 million April 2022 line and a NZ$300 million April 2037 line.
On 29 July, flexigroup revealed, via Westpac New Zealand, that it will redeem NZ$93 million (US$61.9 million) of Class A notes from its Q Card Trust programme. The notes are from the issuer’s 2017-2 and 2018-1 Q Card transactions and have a soft bullet maturity of 17 August. The redemption will be funded through principal collections and the issuance of variable funding notes.