News
On 21 July, Export Finance Australia (AAA by S&P) launched a new 3.5-year, Australian dollar denominated, benchmark transaction. Indicative price guidance for the forthcoming deal is 20-23 basis points area over three-year futures contract, equivalent to 17.7-20.7 basis points area over Australian Commonwealth government bond.
Central Nippon Expressway Company (CENEXP) (A1) launched a five-year, Australian dollar denominated, Reg S transaction on 20 July. Indicative price guidance for the forthcoming deal is 70 basis points area over swap and is expected to price on the day after launch. Mizuho Securities and SMBC Nikko are leading.
On 20 July, Resimac launched its residential mortgage-backed securities (RMBS) deal, Bastille Trust Series 2020-1NC. Indicative total volume for the transaction is A$500 million (US$349.3 million), with the potential to upsize to A$1 billion. Macquarie Bank and National Australia Bank are co-arrangers and joint lead managers alongside Commonwealth Bank of Australia, Deutsche Bank and Wells Fargo Securities.
On 20 July, Australian Financial Group (AFG) launched its residential mortgage-backed securities (RMBS) deal, AFG 2020-1 Trust. Total capped volume for the forthcoming deal is A$700 million (US$489 million), and is expected to price on 22 July. National Australia Bank is arranger and joint lead manager alongside ANZ.
On 20 July, Export Finance Australia (AAA by S&P) revealed plans for a potential new 3.5-year, Australian dollar denominated transaction, offered in fixed or floating-rate note format. Commonwealth Bank of Australia, Citi and UBS are leading.
Syndicated transactions from Australian Office of Financial Management and New Zealand Debt Management were the highlights in Australasian markets in the week ending 17 July. Meanwhile, Columbus Capital printed its inaugural self-managed superannuation fund residential mortgage-backed securities deal.
In May, Commonwealth Bank of Australia (CommBank) and KangaNews undertook a ground-breaking research project to learn more about Australian fixed-income investors’ green, social and sustainability (GSS) strategies. The results of the Fixed-Income Investor GSS Survey shine the spotlight on a market that has evolved significantly but remains a work in progress.
Immediately after completing their Fixed-Income Investor GSS Survey, Commonwealth Bank of Australia (CommBank) and KangaNews convened a panel of leading Australian fixed-income investors to discuss and add colour to the survey findings. Investors explain why they think as they do on green, social and sustainability (GSS) issues and share views on how the space may evolve in future.
Western Australia (WA) has had among Australia’s best outcomes when it comes to the health aspect of the COVID-19 crisis, allowing it to project a target date for the lifting of all remaining social restrictions state-wide. Ben Wyatt, WA’s Perth-based treasurer, discusses the state’s economic response and outlook.
New South Wales Treasury Corporation (TCorp) has managed a growing funding task through the various Australian and international crises of the last year. Fiona Trigona, head of funding and balance sheet at TCorp in Sydney, discusses the tools that will enable the state treasury corporation to continue managing a higher call on debt capital markets.
Queensland is among Australia’s most diverse state economies. The state’s treasurer and minister for infrastructure and planning, Cameron Dick, speaks to KangaNews about how this diversity is helping the state through the COVID-19 crisis.
Victoria was arguably the best performer among Australia’s states going into the COVID-19 crisis. Despite significant local and national challenges, the state’s Melbourne-based treasurer, Tim Pallas, says its goal is to chart a path back to positive outcomes in future.