News
Finding and executing genuinely innovative funding solutions has been a major focus for National Australia Bank (NAB) in recent years. To make this strategy work, the bank aims to shed light on a critical component of funding innovation: understanding investor preferences and connecting them with assets that may not be available elsewhere.
The latest iteration of the biannual Australian Fixed-Income Investor Survey, conducted by Fitch Ratings (Fitch) and KangaNews in September, suggests the buy-side tone on economic fundamentals is warming. At the same time, however, investors are wary about the extended period of spread compression they have experienced across debt asset classes.
The latest instalment of the KangaNews-Moody’s Investors Service (Moody’s) Corporate Borrowers’ Intentions Survey – published annually since 2014 – maintains a longstanding trend of only gradual shifts in corporate debt policy. At the margin, Australasian corporates appear to expect more capital-markets activity but there is no sign of a rush to credit-funded investment.
Ausgrid was always destined to be a major capital-markets player after its part-privatisation by the New South Wales government. A jumbo debut in the US private placement market will be just the first step towards a term-out that the company expects to involve around A$9 billion of bond issuance.
Early on 18 October, Rentenbank (AAA/Aaa/AAA) launched a minimum A$50 million (US$39.2 million) tap of its April 2028 Kangaroo, via Nomura. Indicative price guidance is 49 basis points area over semi-quarterly swap or 52 basis points over the May 2028 Australian Commonwealth Government Bond.
In September, BNZ and KangaNews brought together a group of the most significant issuers and investors in the New Zealand debt market – from on- and offshore – for their annual roundtable discussion. In one of the most insightful conversations in this long-running series, Kiwi market participants analyse the present and future state of play.