Global perspectives on bank funding
The international bank debt-issuance market is constantly evolving, with the emergence of total loss-absorbing capacity (TLAC) and renewed volatility among 2018’s most notable developments. KangaNews speaks to funding executives from Asia, Australia, Europe, Japan and North America to get the latest on market conditions and outlook.
Domestic focus smooths Latitude’s New Zealand ABS debut
The New Zealand securitisation market welcomed a new entrant on 6 December when Latitude Financial Services (Latitude) priced its inaugural New Zealand dollar asset-backed securities (ABS) deal. The deal’s domestic focus provided insulation from external market forces according to deal sources, who add that there is growing enthusiasm for securitised product among local buyers.
Consistent approach pays off for Bluestone
Having been acquired by Cerberus Capital (Cerberus) in March 2018, Bluestone Group (Bluestone)’s Sydney-based chief executive officer, Campbell Smyth, says the business has been able to expand significantly into the near-prime lending space. The company’s conservative lending practices have remained, he adds, leaving it well placed for sustained future growth.
CommBank comes home happy after Australia’s first date with SONIA
Commonwealth Bank of Australia (CommBank) has printed the first Australian-origin transaction to reference an alternative benchmark rate. The bank issued £125 million (US$158.8 million) of one-year notes on 3 December at 40 basis points over the sterling overnight index average (SONIA), via RBC Capital Markets (RBCCM). Deal sources say the UK market is the most progressed towards base-rate change, but add that there is much work still to be done ahead of the forthcoming expiry of interbank offered rates.
KangaNews Awards 2018: winners announced
KangaNews is proud to present the winners of the institutional and deal categories in the KangaNews Awards 2017. After an extensive voting and verification process, KangaNews can confidently say its results reflect a true market view on the outstanding performers of 2017 in the Australian and New Zealand debt markets.