News
On 12 September, Eclipx Group (Eclipx) began taking indications of interest for its asset-backed securities (ABS) deal, FP Ignition Series 2019-1. Total capped volume for the transaction is NZ$250 million (US$160.6 million), with launch expected in the week beginning 16 September. ANZ is arranger for the transaction and joint lead manager alongside Westpac New Zealand.
Benchmark mid-curve issuance has re-emerged as the tenor of choice in the Kangaroo supranational, sovereign and agency (SSA) market in 2019. Technical factors are driving supply and demand in Australian dollars, and while domestic investors are having a harder time seeing value, global volatility is augmenting Antipodean markets’ appeal for offshore borrowers.
Origin Energy (Origin) returned to the euro market for the first time since 2014, on 5 September, with a deal that highlighted European investors’ appetite for duration and for issuers with clearly articulated environmental, social and governance (ESG) strategies. Deal sources say the euros market remains highly globally competitive for corporate issuance.
Key data and information on 33 supranational, sovereign and agency issuers active in the Australasian debt markets, including programme information, funding strategy and debt data.
KangaNews conducted its annual survey of supranational, sovereign and agency (SSA) issuers’ funding outlooks in August 2019. The 30 responses forecast a return to core-market focus in the year ahead. The Australian market’s role seems mature, with the main growth expectation for Kangaroo issuance being in the green, social and sustainability (GSS) bond space.
New South Wales Treasury Corporation (TCorp) priced a A$1.75 billion (US$1.2 billion) transaction in the mid-curve on 5 September, which the issuer says is indicative of its intention to issue across the curve having printed A$2 billion of 2029 maturity notes in June and A$1.25 billion of 2031s in July.
