Deal and ratings review, week ending November 27 2015

New South Wales Treasury Corporation's buyback put the issue of limited semi-government bond supply in the spotlight while the Australian Prudential Regulation Authority's APS 120 draft offers securitisers significant concessions. Meanwhile deal flow continued at a steady pace.

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Superannuation retirement income to become government focus next year

Australia’s federal treasurer, Scott Morrison, says the focus of the government’s superannuation system reforms will “shift a little” to the retirement phase in 2016. Morrison says one of the three key goals of Australia’s superannuation regime has always been promoting better standards of living in retirement, and implies that it could do better in this respect.

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Liberty prices its first auto ABS of 2015 [UPDATED]

Liberty Financial (Liberty) priced ts first asset-backed securities (ABS) transaction of 2015 on November 27, with expected ratings assigned to the new deal on November 26. Liberty Series 2015-1 Auto Trust (Liberty 2015-1 Auto) has a seven-tranche structure and volume of A$200 million (US$144.6 million).

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Macquarie completes the bookbuild on its tier-one offer [UPDATED]

Macquarie Group (Macquarie) disclosed to the Australian Securities Exchange (ASX) on November 26 that it has closed the bookbuild on its offer of domestic tier-one notes. The announcement also reveals that the transaction has been increased to A$500 million (US$359 million) from A$400 million and the margin has been set at 515 basis points over bank bill swap rate, the tight end of 515-535 basis points indicative guidance.

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Weekly update

Latest Issue 2015 October-November

Lastest Issue

Corporate market focus: insights and outlooks from key players, borrowers’ intentions survey and issuance prospects. Fund managers on credit liquidity. New trends in investor survey responses. Offshore banks in Australia.