Rapid bookbuild marks CFS's reopening of Australian CMBS market
Colonial First State Global Asset Management (CFS) priced the first Australian commercial mortgage-backed securities (CMBS) deal for over six months on March 18, with the leads claiming "heavy oversubscription" allowed an early close. The deal, for A$370 million (US$341.29 million), wholly refinances a June 2010 maturity from the same issuer.EIB prices third European issuer Kangaroo in two days [UPDATED]
The third Kangaroo deal in two days priced on March 18, with European Investment Bank (EIB) (AAA/Aaa/AAA) adding A$600 million (US$553.8 million) to its April 2015 line to bring the total issue size to A$2.1 billion. The tap came to market at 59.75 basis points over the April 2015 Australian government bond or 29 basis points over semi-quarterly swap.More strong RMBS demand as BEN upsizes deal
The residential mortgage-backed securities (RMBS) transaction priced by Bendigo and Adelaide Bank (BEN) on March 17 was upsized by A$450 million (US$413.42 million) to a final volume of A$1.1 billion. The transaction – Torrens Series 2010-1 (Torrens 2010-1) – also saw a significant scaling of investment from the Australian Office of Financial Management (AOFM).