Deal and ratings review, week ending August 26 2011
Primary market deal flow in Australia and New Zealand remained minimal in the past week, with two Kangaroo deals and the third commercial mortgage-backed securities issue of the year the only transactions pricing. In New Zealand, a forthcoming retail transaction was confirmed but no public market transactions priced.
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Semi FRNs likely to remain niche product despite issuance flurry
Demand for the recent burst of floating rate note (FRN) issuance from Australian semi-government borrowers appears to have come from a small group of investors, and market participants say widespread growth of the product seems unlikely. However, the states that have issued in floating format appreciate the opportunity to fund, and diversify funding sources, in a difficult market, adding that they are happy to consider its use in future.
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