Ongoing strong asset growth brings BEN back to capital-relief RMBS
Bendigo and Adelaide Bank’s return to capital-relief residential mortgage-backed securities issuance comes as regional banks continue to experience above system book growth. In an increasingly competitive lending market, the issuer believes it is well positioned as it prepares for the end of the Reserve Bank of Australia’s term-funding facility.
Local senior-nonpreferred demand a highlight in BPCE Kangaroo
BPCE’s latest Kangaroo deal combined senior-preferred and senior-nonpreferred tranches for the first time in the Australian market since 2018. The borrower says its consistent issuance in Australian dollars is bringing greater investor engagement with each transaction.
Rabobank Australia nets pricing record in market return
Rabobank Australia’s return to the domestic market yielded a pricing record in an Australian dollar financial institution market still running hot in the absence of local major-bank supply. But there is evidence from the Rabobank Australia transaction that some investors are becoming increasingly price sensitive.
AOFM well positioned for 2021/22 following A$14 billion syndication
The Australian Office of Financial Management issued its first syndication for calendar year 2021 on 13 April. Despite an improving budget position, the issuer says it was committed to establishing a new 2032 line this financial year.
IPL and G8 SLLs show sustainable-funding support for social and hard-to-abate outcomes
Incitec Pivot has completed a sustainability-linked loan (SLL) facility, a development the borrower and its sustainability structurer say demonstrates how this type of financing can be relevant even for companies in hard-to-abate sectors. In a further development for the Australian SLL market, G8 Education also recently signed a new facility with KPIs primarily linked to social outcomes.