News
Following a test launch in March, the Taskforce for Nature-related Disclosures is progressing toward a late-2023 implementation date for its framework. Sources say Australasian corporates look reasonably well-prepared – but they cannot say the same for institutional investors.
Rentenbank’s first seven-year Kauri in five years received strong demand and printed at double its indicative volume at launch. The borrower says it will target longer-dated maturities for the remainder of the year, in all markets.
Australian nonbank lenders have long discussed the potential alignment of the type of lending they do with social-bond funding. As the first local issuer to bring an all-social residential mortgage-backed securities deal, Pepper Money says the value of the platform is primarily about the opportunity this type of funding offers for future development of lending product.
Australian nonbank lenders have long discussed the potential alignment of the type of lending they do with social-bond funding. As the first local issuer to bring an all-social residential mortgage-backed securities deal, Pepper Money says the value of the platform is primarily about the opportunity this type of funding offers for future development of lending product.
Asian Development Bank notes a rebalancing of demand for its latest Kauri gender bond, with solid local interest driving a successful placement despite reduced offshore demand. The supranational has already printed its largest annual volume in the Kauri market off the back of this second jumbo trade.
ASB Bank is the first New Zealand issuer to price an offshore tier-two deal under the Reserve Bank of New Zealand’s new bank-capital definitions. The US dollar transaction was popular with investors – about five times oversubscribed – and priced tighter than similar tier-two debt issued by Australia’s big-four banks.
Australian mortgage lenders say their books – and the securitisation and covered-bond structures they use to fund them – are of sufficient quality to withstand growing pressure on loan serviceability as rates continue to rise and cost of living challenges grow. Speakers at an Australian Securitisation Forum investor briefing in London noted solid prepayment and serviceability buffers while acknowledging that arrears will inevitably climb.
Lloyds Banking Group returned to Kangaroo issuance on 1 June after a three-year absence as it seeks to re-establish its presence in strategic and regional markets post-pandemic. Deal sources say the issuer captured demand for fixed-rate paper at shorter tenor in a tight execution window, with domestic real money driving the trade.
Transpower shortened tenor and issued a floating-rate coupon to ensure smooth execution for its debut green bond, the issuer says. The deal represents the first step to a green debt portfolio for Transpower, which plans three or four further transactions in 2022.
Treasury Corporation of Victoria exploited bank balance sheet demand for floating rate notes to print its largest-ever syndicated transaction in a period that has seen little of this type of issuance from semi-government names. The issuer says floating-rate supply forms part of its flexible funding strategy.
Macquarie Bank recorded strong interest for its latest tier-two deal, taking advantage of the relative lack of subordinated debt supply to place the transaction successfully. Deal sources note high domestic engagement supported by a 20 basis point new-issue concession.
The property sector has been the biggest source of Australian dollar corporate green bonds but much of the supply has been based on office assets. Vicinity Centres’ debut green bond took the road less travelled: a use-of-proceeds green bond backed by mixed-use but predominantly retail properties.