CPPIB shatters Australian dollar nongovernment 10-year deal volume record
Canada Pension Plan Investment Board returned to the Kangaroo market on 22 February with a 10-year print that smashed the record for deal size at this duration by any borrower outside the domestic government sector. The issuer says the scale of demand took it by surprise despite its commitment to introducing new bond lines via substantial benchmark transactions.
LGFA left out in the cold after RBA repo eligibility u-turn
New Zealand Local Government Funding Agency is confident about its ongoing Australian dollar issuance prospects despite expressing disappointment at the Reserve Bank of Australia process that saw the issuer initially granted repo eligibility before having that status withdrawn. The issuer believes the outcome highlights anomalies in the expanded list of assets eligible for repo in Australia but will not take its claims further.
Firstmac equals its record RMBS volume and significantly scales JLM bid
Firstmac’s first residential mortgage-backed securities transaction of 2024 featured a substantially scaled lead manager bid and still matched the issuer’s record deal volume, as the securitisation market remains hot in early 2024. The deal upsized beyond the borrower’s expectations and final volume outcome was capped only by asset capacity.
Another bank blockbuster as Rabobank cashes in on clamour for Australian dollars
Australian dollar market capacity for financial institution issuance at the start of 2024 continues to surprise even seasoned market participants. Rabobank Australia became a beneficiary on 20 February, pricing A$2.15 billion – comfortably its largest print size of all time – with deal sources saying the buy side has not issued a murmur of indigestion so far.
ColCap continues RMBS momentum as mezzanine demand highlights hot start
An earlier than typical start to Australian securitisation deal flow in 2024 has allowed issuers to take advantage of largely supportive conditions on the buy side. In particular, pricing on mezzanine tranches continues to move tighter – as evidenced by the latest addition to Columbus Capital’s Triton programme.