Wednesday, 04 November 2020
Oct/Nov 2020

New opportunities for New Zealand securitisation

A more optimistic tone has emerged in New Zealand’s securitisation market on the back of two primary-market transactions and the emergence of a potential large-scale new issuer. The tone is markedly different from the first half of the year, when market participants did not expect to see deal flow in 2020.

Sunday, 29 November 2020

Records tumble in World Bank Kauri blockbuster

World Bank capped an active year in the Kauri market with a record-breaking deal on 26 November. The issuer pursued a dual-tranche strategy designed to bring in bids from multiple investor bases, while a recent backup in New Zealand dollar yield produced a further demand bump.

Wednesday, 25 November 2020

World Bank launches dual-tranche Kauri deal

On 25 November, World Bank (AAA/Aaa) launched a dual-tranche Kauri transaction, offered in 5.5- and 10-year tenors. Minimum volume for the tranches are NZ$200 million (US$139.5 million) and NZ$100 million, with price guidance at 23 and 39 basis points area over mid-swap. ANZ, BNZ and Commonwealth Bank are leading. Pricing is expected on the day after launch.

Monday, 26 October 2020

NZDM launches new May 2028 nominal bond syndication

On 27 October, New Zealand Debt Management (NZDM) (AA+/Aaa/AA+) launched its new May 2028 nominal bond by syndication, expecting to raise NZ$2-4 billion (US$1.3-2.7 billion). The forthcoming deal has indicative price guidance of 13-17 basis points over the April 2027 New Zealand government bond.

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