News
Auckland Council cites a need for funding and investor diversification in its growing debt profile as the main attraction to issue its debut public Kangaroo deal on September 2. Distribution data provided by the deal's leads reveal the support of a substantial Asian bid.
SKYCITY Entertainment Group (SKYCITY) (BBB-) announced on September 2 that it has completed the bookbuild on its new, fixed-rate, seven-year bond in the New Zealand market. In an announcement lodged with the NZX, SKYCITY revealed that NZ$125 million (US$79.5 million) of bonds has been allocated and that the interest rate has been set at the tight end of the indicative range.
Speakers at a King & Wood Mallesons (KWM) and National Australia Bank (NAB) co-hosted panel discussion on green-bond markets in Sydney on August 28, discussed the expectation and potential for further development and innovation in the Australian green-bond market. Greater variety of issuers and further expansion in the types of debt offered were highlighted as crucial before the sector can evolve.
Auckland Council (AA/Aa2) priced a new 10.5-year Kangaroo deal on September 2. The announcement follows a series of investor meetings undertaken by the borrower in Australia and Asia in the week commencing July 13.
On September 2, SGSP Australia Assets (SGSP) (BBB+/A3) mandated a series of debt investor meetings in Melbourne, Sydney, Singapore, Hong Kong, London and Frankfurt in the week commencing September 7. According to the meetings' arrangers Commonwealth Bank, Deutsche Bank, HSBC, Mizuho Securities, National Australia Bank and Westpac Institutional Bank, the issuer is "exploring funding opportunities across a range of markets".
The accompanying statement to the Reserve Bank of Australia (RBA)'s hold decision at its latest monetary policy meeting is firmly neutral, analysts say. They suggest explicit forward guidance is absent, while the RBA notes the pickup in volatility across global markets.
Solid investor demand supported Contact Energy's first domestic transaction under New Zealand's recently enacted same-class exemption regulation. The issuer shares insights into arrangement and execution of deals under this format, while intermediaries expect it will support a growing domestic issuance pipeline.