News
Bluestone Group continued the steady flow of securitisation deals coming to market with a new residential mortgage-backed securities (RMBS) deal on 30 June. The borrower says government intervention paved its path to market and is allowing the nonbank lender to continue originating and securitising prime and near-prime mortgages.
The following interview is with an Australia-based banker in sustainable finance. It was conducted on 24 June 2020.
MyState Bank (Baa2) launched its capped, A$25 million (US$17.25 million), 10-year non-call five-year, tier-two deal on 1 July, with indicative price guidance of 435-450 basis points area over three-month bank bills. The price guidance range tightened from marketing levels of 450-460 basis points area earlier on the same day.
On 1 July, MyState Bank (Baa2) began taking indications of interest for a capped, A$25 million (US$17.25 million), 10-year non-call five-year, tier-two capital transaction. The floating-rate note deal is being marketed at 450-460 basis points area over three-month bank bills and is expected to be rated Baa3. National Australia Bank is sole bookrunner.
The following interview is with an Australia-based fixed-income investor. It was conducted on 25 June 2020.
On 30 June, Metro Finance launched a capped A$300 million (US$205.5 million) auto and equipment asset-backed securities (ABS) transaction, Metro Finance 2020-1 Trust. The forthcoming deal is expected to price on or before 2 July, according to arranger National Australia Bank, which is also joint lead manager with Deutsche Bank.
Airports around the world have gone quiet as result of COVID-19, bringing corporate liquidity to the fore. Brisbane Airport Corporation was able to re-engage the Australian domestic market in late June for a deal it was looking to execute prior to the crisis. The airport’s head of corporate finance, Warren Briggs, speaks with KangaNews about the deal process and crisis management.
The following interview is with an Australian-based debt capital markets originator. It was conducted on 26 June 2020.
On 29 June, Bluestone Group launched its residential mortgage-backed securities (RMBS) deal, Sapphire XXIII 2020-1 Trust. The transaction has capped total volume of A$350 million (US$240.6 million) and may price as early as the day after launch. National Australia Bank is arranger, and joint lead manager alongside Commonwealth Bank of Australia and Macquarie Bank.