Deal and ratings review, week ending July 22 2016

Wells Fargo & Company printed a jumbo A$1.4 billion (US$1.04 billion) five-year deal in global format on July 20. Hard on the heels of this issue, the same issuer priced A$250 million of 10-year global notes the following day. Meanwhile, Export-Import Bank of Korea printed the first increase to its debut Kauri line and Columbus Capital printed its first securitisation deal since 2014. 

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Columbus capital prints A$350 million in its first RMBS transaction since 2014 [UPDATED]

On July 22, Columbus Capital priced its first residential mortgage-backed (RMBS) transaction since 2014. Triton Trust No.7 Bond Series 2016-1 has an eight-tranche structure and an aggregate volume of A$350 million (US$261.8 million). Fitch Ratings (Fitch) assigned preliminary ratings to four classes of notes on July 15. S&P Global Ratings (S&P) assigned preliminary ratings to seven classes of notes on July 20.

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Post-deal insights: sub-triple-A Kauri market takes another step forward with Kexim debut

The sub-triple-A Kauri market is showing further signs of development, market participants say, although lead managers do not expect a near-term issuance rush. Following deals from Korea Development Bank (KDB) and a more recent follow up from Export-Import Bank of Korea’s (Kexim), dealers say there may be an opportunity for increased issuer presence in the sub-triple-A space.

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Wells Fargo prints A$250 million in a 10-year global [UPDATED]

On July 21, Wells Fargo & Company (Wells Fargo) (A/A2/A-) priced a new, 10-year Australian dollar denominated senior-unsecured global transaction. The transaction priced in line with Initial price guidance at 170 basis points over semi-quarterly swap. This 10-year transaction comes after Wells Fargo printed A$1.4 billion in a new senior-unsecured five-year transaction on July 20. This transaction was also in global format. 

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Weekly update

Latest Issue 2016 June-July

Lastest Issue

KangaNews’s 10th anniversary edition contains extensive coverage of the publication’s history. Also included: corporate market analysis, high-grade perspectives from Australia and abroad, Fixed-Income Research Poll results and analysis and lots, lots more.