News
On January 27, New South Wales Treasury Corporation (TCorp) released a mid-year term funding requirement for 2014-15 that was reduced by approximately one fifth relative to its previous estimates. The downward revision is partly a result of asset sales and follows the state of New South Wales (NSW) laying out falling net debt in its own mid-year fiscal and economic review.
In the final instalment of a three-part series of investor insights publised by KangaNews online, the domestic market's institutional buyers describe initial impressions of market sentiment in early 2015. KangaNews exclusively reveals the risks which investors believe could threaten their credit portfolios in 2015, and how these might bring about a change in investment strategy.
New primary deals were few and far between during the third week of January, although New Zealand domestic deal flow got under way with a new corporate transaction. ANZ Banking Group explored a new tier-two angle during the week under review, while KangaNews online published the first articles in a series of credit-investor insights which will be rounded out next week.
The second of a series of three articles on the Australian credit outlook, exclusive to KangaNews online, covers buy-side views on the supply pipeline. Supply-side factors have been the dominant driver of corporate issuance in recent years, and investors share their views on pipeline prospects for 2015.
ANZ Banking Group (ANZ) opened the door to a new jurisdiction for tier-two issuance on January 21. The bank and its leads tell KangaNews about a pricing outcome which suggests this new issuance option might provide the best tier-two economics for Australian banks after their domestic market – and with volume which moves the dial on the total requirement.
In the first of a series of three articles exclusive to KangaNews online, Australian credit investors reveal their outlook for the local market in 2015. Investors lay out their views on demand, supply and the macro outlook as they relate to financial institution (FI) and corporate bond dynamics in the year ahead.
Having paused for breath following a hectic start to the year, deal flow in the high-grade Kangaroo market resumed late on January 21 with a new five-year deal from African Development Bank (AfDB) (AAA/Aaa/AAA). The supranational was active in Australian dollars late in 2014 as it priced a number of long-dated deals, but this is its first transaction of the new year and its first new mid-curve issue since it debuted a 2019 bond in February last year.