New ORDE: reflections on a record breaker
ORDE Financial made its debut in the benchmark residential mortgage-backed securities market on 22 February, printing volume – A$1 billion in total – that KangaNews believes to be the most ever by a debutant nonbank issuer. The issuer shares perspectives on funding and execution strategy, a healthy domestic securitisation market and plans to grow its investor base further in future.
Macquarie nets largest-ever domestic print as financial strength registers for tier-two
The result of tier-two transactions from domestic peers influenced Macquarie Bank’s decision to price its 10-year non-call five-year tier-two deal on 22 February. Ongoing demand for bank supply came through in a jumbo orderbook and a margin that equals those offered just weeks earlier by big-four banks.
Song remains the same for financials with MUFG Sydney the latest to tap hot market
There is no sign of the receptive primary market for financial institution issuers in Australian dollars losing momentum, according to issuer and intermediaries on the latest such deal. As has been the case in many recent transactions, a strong bid out of Asia was instrumental in driving early momentum in MUFG Bank Sydney Branch’s floating-rate-only deal.
Core offshore markets ripe for Australasian supply
The Australian dollar market has been hot at the start of 2024 but, as the H1 corporate issuance window opens, so are core global markets. Intermediaries say the euro and US dollar markets are both offering highly conducive conditions, providing Australian issuers no shortage of reasons to jet abroad sooner rather than later.
Asian bid gives impetus to Westpac NZ’s US 144A return
A desire to expand its US dollar curve brought Westpac NZ back to the 144A market for a second transaction. On the way to landing what the issuer believes to be a record-breaking orderbook for a foreign currency deal from a New Zealand borrower, the deal echoed recent financial institution issuance in Australia by deriving early momentum from Asian demand.