News
B Corp certification assesses the overall positive impact of a company. Liberty Financial (Liberty) attained the accreditation on 3 March. James Boyle, the company’s Melbourne-based chief executive, talks to KangaNews about how it fits into corporate environmental, social and governance (ESG) goals.
Investa Property Group’s green-debt strategy has matured, bringing realised cost benefits, the A$500 million (US$330 million) milestone in green loans and the prospect of all future bank-debt refinancing coming in green format. The company’s Sydney-based general manager, corporate sustainability, Nina James, and head of corporate planning and treasury, Lisa Story, discuss the merits of the strategy and its execution.
The South Australian Government Financing Authority (SAFA) is responding to increased volatility by taking a nimbler approach to its funding task. Being open to opportunities is prudent in the current environment, the issuer states.
The Australian market, along with the rest of the world, has paused to take stock of the escalating COVID-19 outbreak. As of 3 March – and in the wake of a Reserve Bank of Australia (RBA) rate cut – credit market participants say it is too early to draw firm conclusions about the long-term effect but they have a degree of confidence that the Australian dollar market can stabilise.
Columbus Capital proceeded with the pricing of its latest residential mortgage-backed securities (RMBS) deal on 28 February, just as the COVID-19 outbreak worsened. Deal sources say the timing was actually fortuitous for the issuer.
Demand for syndicated primary issuance of semi-government paper continued through at least the last week of February, driven by relative value in the sector, a lack of other high-grade supply and, most recently, investor flight to quality.
Emirates NBD Bank and First Abu Dhabi Bank (FAB) returned to Australian dollar issuance in February after long absences. Deal sources say market conditions were conducive despite basis-swap headwinds earlier in the year.
Financing solutions and adaptation to climate change is stoking capital-markets innovation around the world. In New Zealand, increasing forest cover is key to meeting Paris Agreement targets – and local market participants are keen to germinate a specialised financing instrument to support progress.
Liberty Financial (Liberty) has long held the objective of issuing senior-unsecured paper at five-year tenor. The issuer took another step in that direction with its first four-year deal, printed on 18 February.
Australian Office of Financial Management (AOFM) broke its longest drought of syndicated issuance since it began this method in 2009 with its 19 February transaction. The deal received robust support from offshore and real-money investors.
A surfeit of local and offshore demand for long-dated paper prompted another Australian corporate to execute a 12-year domestic deal. General Property Trust (GPT) says the tenor suited its debt maturity profile and interest from a cornerstone investor prompted its decision to execute.
A favourable basis swap has enabled New South Wales Treasury Corporation (TCorp) to take advantage of a funding opportunity in euros that was well inside its Australian dollar cost of funds. The issuer says there is opportunity in euros but its own clients’ demand constrains supply.