News
In September 2018, KangaNews hosted its third annual roundtable discussion for nonbank lenders. Sector leaders discuss a more challenging funding environment and the shifting sands of the Australian property market and regulatory landscape, calling attention to the ongoing growth opportunity before them.
Banque Fédérative Du Crédit Mutuel (BFCM) (A/Aa3/A+) launched a new, five-year, senior-preferred Kangaroo deal on 15 October. The forthcoming deal will come in either or both fixed- and floating-rate formats and is being marketed at 115 basis points area over swap benchmarks.
On 15 October, Firstmac began taking indications of interest for a potential residential mortgage-backed securities (RMBS) transaction, Firstmac Mortgage Funding Trust No. 4 Series 3-2018 (Series 3-2018). The deal is expected to launch in the coming week.
On 15 October, Bank of Communications Sydney Branch (BoCom Sydney) (A-/A2/A) revealed plans for a new, Australian dollar denominated three-year domestic deal. Initial price guidance for the transaction is 105-107 basis points area over three-month bank bills.
Peter Riedel, chief financial officer at Liberty Financial (Liberty) in Melbourne, reviews the firm’s growing funding footprint and its growth agenda. This includes a spate of recent acquisitions and an expanded range of funding options.
Issuer profile: La Trobe Financial. Uploaded 15 October 2018.
Issuer profile: Liberty Financial. Uploaded 15 October 2018.
Issuer profile: Pepper Group. Uploaded 16 October 2018.
On 15 October, CAF - Development Bank of Latin America (AA-/Aa3/AA-), mandated ANZ and UBS as lead managers for a potential new Kangaroo bond transaction, expected to launch in the near future.
The first maturity of an Australian social impact bond (SIB), used to fund The Benevolent Society’s Resilient Families programme, marks an important point in the local development of the instrument, deal participants say. In particular, they point to the financial and social results as a validation of the use of SIBs to achieve social outcomes.
In September 2018, Fitch Ratings (Fitch) and KangaNews conducted their biannual Australian Fixed-Income Investor Survey for the 10th time. Survey data collected over the past half decade show the changing patterns of investor outlook – and the latest iteration zeroes in on the domestic housing market as a key risk factor.
Queensland Treasury Corporation priced a new, A$2.25 billion (US$1.6 billion), 2029-maturity syndicated transaction in the second week of October, while Korea Development Bank returned to the Kangaroo market with a A$400 million five-year deal. Housing New Zealand also priced a NZ$300 million (US$195.5 million) dual-tranche deal including a new 2028 line.