RBC

Wednesday, 04 September 2019
Aug/Sep 2019

Good times, bad times for Australian major-bank funders

KangaNews and RBC Capital Markets held their annual roundtable for heads of funding at Australia’s big-four banks at a fascinating juncture for the sector. Limited credit growth and highly supportive demand conditions are clearly assisting the funding task in the near term. The requirement to build much bigger tier-two debt books and the ever-present threat of volatility pose medium-term – but manageable – challenges.

Thursday, 16 January 2020

Australian dollars at the back of the new-year queue for global borrowers

The Kangaroo supranational, sovereign and agency (SSA) market has started 2019 with a trickle rather than its usual flood and intermediaries say Australian dollar pricing has been uncompetitive compared with offshore markets. They report solid fundamental demand but say a supply uptick is unlikely until there is a shift in the basis swap and pricing expectations.

Wednesday, 08 January 2020

EIB launches October 2025 Kangaroo tap

On 9 January, European Investment Bank (EIB) (AAA/Aaa/AAA) launched a minimum A$300 million (US$206.1 million) increase to its October 2025 Kangaroo bond. Indicative price guidance for the forthcoming transaction is 40 basis points area over semi-quarterly swap, equivalent to 44.5 basis points area over Australian Commonwealth government bond. Pricing is expected on the day after launch, according to Deutsche Bank, Nomura and RBC Capital Markets.

Wednesday, 01 January 2020
Dec/Jan 2019/2020

Robust and evolving

Australian Securitisation 2019 took place in Sydney on 18 and 19 November with market-leading commentary on the evolution of the securitisation market, including collateral, lending regulation and benchmark reforms. The Australian securitisation market is poised to enter the next decade in robust shape, reflected by a record registration for and attendance at the Australian Securitisation Forum’s annual conference.

Wednesday, 01 January 2020
Dec/Jan 2019/2020

Depth more than breadth for Australian ABS

Residential mortgage-backed securities (RMBS) have always dominated the Australian securitisation market. However, a bustling consumer-finance sector sparked a clutch of nonmortgage asset-backed securities (ABS) transactions in 2019. Meanwhile, market participants say they expect more volume growth from new issuers.

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