News
Bank of Queensland returned to euro covered-bond issuance on 31 May, using a window between its half-year results and the European summer market slowdown to deliver what the bank says is a highly competitive cost of funds. The issuer says it had no qualms about execution that was timed to suit its own funding strategy.
KangaNews is pleased to reveal the results of its 12th annual Fixed-Income Research Poll, a survey that asks institutional investors in the Australian fixed-income market to rank the research they receive across a range of sectors.
Air New Zealand says parallels between its credit and that of Qantas helped its debut Australian dollar deal find strong local support as it kicked off the debt side of a major recapitalisation programme announced in March 2022. Familiarity with the Air New Zealand credit provided a good starting point and deal sources say the issuer’s investor engagement and marketing efforts ensured a successful landing.
Bluestone doubled the size of its return to prime residential mortgage-backed securities issuance, having commenced the deal process with a relatively small transaction designed to minimise execution risk. The issuer expects a follow up deal from its Sapphire nonconforming programme in a few months, further building out its Australian dollar programme.
The KangaNews Market People of the Year are the individuals who voters in the KangaNews Awards 2021 believe went above and beyond their roles to contribute to the development of the Australian and New Zealand debt markets. There are no restrictions on the firms, positions or seniority of winners – voters are simply asked to consider who contributed most to the market in either or both 2021 specifically or across the span of a career.
National Australia Bank says its euro green bond will support its fast-growing green financing book. The bank updated its green-bond framework in April as it targets a wider range of clients with innovative sustainable financing products, such as loans to the agricultural sector.
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.
ING Bank Australia leaned on European and UK investors to place the seven-year tranche of its latest covered bond, the first Australian dollar deal in the format to feature this tenor since 2005. The issuer says the maturity attracted new investors and supported successful execution.
Westpac Banking Corporation says it turned demand for shorter tenor into a strong bookbuild for its recent multitranche offering, with two covered-bond tranches garnering particular interest. The issuer says its execution strategy and the transaction’s diverse structure helped it capture liquidity and reach volume targets despite the challenging backdrop.
The domestic market continues to provide opportunities for New Zealand corporate borrowers, with issuance up to NZ$1.2 billion by mid-May this year. Christchurch International Airport, which returned to local issuance on 19 May, says it was sufficiently confident in market conditions to take the first steps in its post-pandemic strategy of rebalancing its debt book toward capital markets.
Under a new partnership, BNZ will provide tailored green loans for Quadrent. BNZ will make an “ongoing stream” of loan transactions to the equipment financier to deliver a scheme allowing large New Zealand companies to lease technology equipment with sustainable disposal at the end of the lease term.
Transpower New Zealand plans to issue its first green bond in 2022 having recently received certification of its green finance framework. The company is the first transmission grid to receive Climate Bonds Initiative approval and convert its existing debt to a green format.