News

Securitisation issuance ploughed ahead this week, with new transactions priced by Resimac and Macquarie Leasing. Also, the first asset-backed securities deal in Australia to include a climate-bond certified green tranche was priced by FlexiGroup. Meanwhile, Westpac New Zealand priced its first domestic benchmark transaction of 2016. 

On April 22, Tasmanian Public Finance Corporation (Tascorp) (AA+/Aa1) launched and priced a new, 30-year Australian dollar transaction. The new deal extends Tascorp's curve out to 2046.

Resimac has become the second Australian issuer of the year to include US dollar notes in an issue of residential mortgage-backed securities (RMBS) pricing Resimac Premier Series 2016-1 (Premier 2016-1) on April 22. The transaction launched on April 12 with an indicative margin of 155 basis points over bank bill on its largest Australian dollar tranche.

Macquarie Leasing (Macquarie) priced its first auto asset-backed securities (ABS) transaction of 2016 on April 21. Preliminary ratings were assigned to two classes of notes on April 18. 

FlexiGroup has priced its new transaction from its Flexi ABS consumer-loan securitisation programme. The transaction incorporates a tranche of climate-bond certified green bonds and is the first such inclusion in an asset-backed securities (ABS) deal in Australia.

On April 21, the Province of Québec (Québec) (A+/Aa2/AA-) priced an increase to its May 2026 Kangaroo bond. According to KangaNews data, the forthcoming transaction will be Quebéc's second tap to this line, which was introduced in November last year for volume of A$50 million (US$35.8 million) and pricing of 76 basis points over Australian Commonwealth government bond (ACGB).

Asian Development Bank (ADB) (AAA/Aaa/AAA) priced a new, five-year Kauri bond on April 20. According to KangaNews data, ADB printed its most recent Kauri deal in January 2015. That NZ$300 million (US$210.3 million) five-year transaction priced at 18 basis points over mid-swap.