News
People’s Choice Credit Union (PCCU) revealed on 15 March that it plans to engage with investors in relation to its Light Trust residential mortgage-backed securities (RMBS) programme. The meetings’ arrangers, ANZ, National Australia Bank and Westpac Institutional Bank, say a potential Australian dollar funding and capital relief RMBS transaction may follow.
The A$175 million (US$132.3 million) transaction priced by Kiwibank (A/A1/AA-) on 7 March and that had been due to settle on 15 March has been cancelled. A statement issued by the deal’s lead manager, ANZ, says the bank “has been advised by Kiwibank… that [it] cannot proceed with the settlement” and that “regrettably no further information is forthcoming at this stage”. An issuer source declined to comment to KangaNews.
Having priced its second-ever public senior-unsecured transaction – with greater volume than the first and a substantial oversubscription – CUA says market conditions were conducive to its growing funding need. The issuer printed A$300 million (US$227.1 million) in a new floating-rate note on 9 March.
Australian dollars remain an important and reliable route to market for CAF – Development Bank of Latin America (CAF) when its core markets are affected by volatility, the issuer tells KangaNews in the wake of its debut Australian dollar deal of 2017. The issuer says it is also beginning to reap the benefits of its engagement with domestic investors.
The financing and issuing entity of Harley-Davidson, Harley-Davidson Financial Services (A-/A3), revealed plans to hold a series of fixed-income investor meetings in Sydney, Melbourne and Singapore during the week commencing 27 March.
Long-dated Kangaroo issuance was prevalent during the first full week of March with A$625 million (US$470.1 million) of 2025 or longer maturity bonds priced, including from New Zealand-origin issuers Kiwibank and Auckland International Airport. BNP Paribas also tested the waters with Australia's first-ever tier-three.