News
Charter Hall Retail REIT (Charter Hall Retail) (Baa1) will meet debt investors in Sydney and Melbourne in the week beginning October 12 ahead of a potential debut transaction in the domestic market. The Australian corporate market has been quiet of late, with KangaNews data showing no public transactions pricing since Telstra Corporation issued on September 9.
ING Bank Australia (ING Australia) priced its first residential mortgage-backed securities (RMBS) deal of 2015 on October 2. The transaction – IDOL 2015-1 Trust – printed in line with indicative volume of A$750 million (US$526.4 million) across six tranches.
With three-quarters of the year in the books, two banks in particular hold commanding positions at the top of KangaNews's intermediary league tables for domestic transactions across Australia and New Zealand. The Kauri market also has a clear leader, but the race to top the 2015 Kangaroo league table looks set to go down to the wire.
KangaNews revealed that two banks held commanding positions at the top of its intermediary league tables for domestic transactions across Australia and New Zealand for the first three-quarters of the year. Primary markets were virtually dormant as the final quarter began.
Liberty Financial (Liberty)'s eight-tranche commercial mortgage-backed securities (CMBS) deal priced in line with its indicative volume of A$300 million (US$208.9 million) on September 17. The issuer cites investor demand as the reason behind its decision to issue the new deal, and flags a strong chance of a securitisation market return before the end of 2015.
Deal flow maintained a steady pace for another week with a total of six deals priced across markets during the week under review. Volumes were light however, with the largest deal of the week being People's Choice Credit Union's first residential mortgage-backed securities deal since 2012.
On September 25, Axsess Group (NR) announced the launch of a new six-year, second-ranking, secured bond issue with volume of A$20 million (US$14.0 million). According to the forthcoming deal's lead manager, FIIG Securities, the coupon for the new floating-rate deal will be 8.70 per cent and it will pay a margin of 650 basis points above the three-month bank bill swap rate.
People's Choice Credit Union (PCCU) price its first public residential mortgage-backed securities (RMBS) deal since 2012, on September 24. The transaction – Light Trust No.6 – has total volume of A$500 million (US$351.6 million) across six tranches.