News
Attention turned to corporate supply in the Australian market as the calendar ticked over into March, deal flow highlighted by a jumbo print from Telstra as well as well-received transactions from Region Retail, Orix Australia and Brisbane Airport. Financial institution flow also continued, headlined by trades from Lloyds Banking Group and Oversea-Chinese Banking Corporation Sydney Branch.
The size and breadth of demand for Telstra’s latest deal stands out – especially the scale of bids for 10-year corporate bonds. But deal sources say buy-side interest in corporate transactions is wider than it was a year ago and should support supply from a range of issuers.
ORDE Financial made its debut in the benchmark residential mortgage-backed securities market on 22 February, printing volume – A$1 billion in total – that KangaNews believes to be the most ever by a debutant nonbank issuer. The issuer shares perspectives on funding and execution strategy, a healthy domestic securitisation market and plans to grow its investor base further in future.