News
On 20 December, Columbus Capital (Columbus) mandated National Australia Bank for a potential transaction from its Triton residential mortgage-backed securities (RMBS) programme, which may come early in 2019.
New South Wales Treasury Corporation (TCorp) revealed an unchanged funding requirement of A$6.6 billion (US$4.7 billion) for the 2018/19 financial year on 18 December, following the release of the state government’s half-yearly review (see table).
On 18 December, following the release of the Australian government’s mid-year economic and fiscal outlook (MYEFO), the Australian Office of Financial Management (AOFM) revealed a reduced 2018/19 financial year borrowing requirement of around A$52 billion (US$37.3 billion), down from around A$70 billion at the 2018/19 budget.
On 17 December, Qantas Group (Qantas) revealed that “given the strength of its balance sheet and access to diversified funding markets” it will discontinue its ratings subscription with S&P Global Ratings. The issuer’s outstanding notes will continue to carry a Baa2 rating from Moody’s Investors Service.
On 17 December Trustpower (NR) revealed plans for a NZ$75-100 million (US$51-68 million) fixed-rate bond, targeted at New Zealand institutional and retail investors, for launch in early February 2019.
National Australia Bank priced its second residential mortgage-backed securities deal of 2018 in the second week of December, with a A$1.63 billion transaction. Primary deal flow in Australasian debt capital markets was otherwise quiet with the Christmas break approaching.
On 14 December, South Australian Government Financing Authority (SAFA) revised its 2018/19 funding requirement to A$3.8 billion (US$2.7 billion) from A$3.9 billion, following the South Australian government’s mid-year budget review. The reduction reflects a A$102 million improvement in the state’s nonfinancial public sector net debt.
On 13 December, following the release of the Queensland government’s mid-year fiscal and economic review, Queensland Treasury Corporation (QTC) announced an unchanged term debt borrowing programme for the 2018/19 financial year at A$8 billion (US$5.8 billion) (see table).