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.
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.
DBS rides Australian dollar tailwinds to best-case scenario on pricing and distribution
A large and diverse orderbook combined with pricing flat to the local major-bank curve added up to the best of possible worlds for DBS Bank Australia Branch’s latest foray into the local market. The issuer says record book volume and the pricing outcome speak to a market that shows no sign of saturation.
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.
ICMA calls for early adoption of transition plans
On 14 February the International Capital Market Association released a paper titled Transition Finance in the Debt Capital Market. Two of the authors speak to KangaNews about the key callouts from this report, stressing that early voluntary moves will be the most effective way for fossil fuel companies and those in other hard-to-abate sectors to secure the scale of financing needed for their decarbonisation journeys.
Read more: ICMA calls for early adoption of transition plans