Deal and ratings review, week ending June 24 2016

Deal flow was very slow ahead of the unpredicted - but eventual - vote by the UK to exit the European Union. Following mid-June state budgets, Queensland Treasury Corporation (QTC) and NSW Treasury Corporation (TCorp) are the latest to release funding programme updates. Meanwhile debt reduction remains Western Australia's key focus.

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Post-deal insights: SGSPAA encouraged by the Australian market’s maturity

The absence of steady domestic corporate deal flow was an advantage for SGSP Australia Assets (SGSPAA)’s recent transaction. The borrower says lack of competing flow allowed it to make the most of demand in the seven-year part of the curve, adding that investor engagement with the transaction was very positive and demonstrates a level of maturity in the domestic market.

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Firstmac Mortgage Funding Trust Series 1A-2014 class A2-B (A) refinancing priced

On June 22, Firstmac priced the refinancing of the class A-2B (A) notes of its Mortgage Funding Trust Series 1A-2014 residential mortgage-backed securities issue. The new, Firstmac Mortgage Funding Trust Series 1A-2014 Class A-2R, have volume of A$297.5 million (US$221.9 million) – which will be used to refinance a short-term US dollar tranche issued when the deal was first brought to market in June 2014.

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Post-budget funding updates: QTC and TCorp update programmes

Following mid-June state budgets in Queensland and New South Wales, Queensland Treasury Corporation (QTC) and NSW Treasury Corporation (TCorp) have both released funding programme updates featuring borrowing-requirement projections dominated by refinancing. The states’ issuance trajectories are relatively similar at headline level, though TCorp’s is set to be altered dramatically by further forthcoming state-asset transactions.

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