Deutsche Bank
Kangaroo SSA mid-curve flickers on positive demand notes
Mid-curve Kangaroo market pricing has swung back into a range that some global supranational, sovereign and agency (SSA) borrowers consider to be an acceptable premium for diversification purposes, market participants say. A recent-year issuance decline shows signs of having bottomed out – though it is yet to rebound – and market users say demand for the SSA product is steadily broadening.
Liberty launches RMBS transaction
On 24 September, Liberty Financial (Liberty) launched its residential mortgage-backed securities (RMBS) transaction, Liberty Series 2018-3. The forthcoming deal has indicative total volume of A$500 million (US$363.5 million) equivalent, including the euro denominated A1-c notes, with the potential to upsize. Pricing is expected on or before 27 September.
CommBank prices A$1.63 billion RMBS deal
CommBank launches Medallion 2018-1 RMBS deal
On 20 September, Commonwealth Bank of Australia (CommBank) launched its prime residential mortgage-backed securities (RMBS) transaction, Medallion Trust Series 2018-1 (Medallion 2018-1). The deal has indicative total volume of A$1.63 billion (US$1.2 billion) and will not grow. CommBank and Deutsche Bank are joint lead managers.
AOFM cashes in on revived support for long-dated linkers
The Australian Office of Financial Management (AOFM) priced its largest treasury indexed bond (TIB) syndication since 2009 on 18 September, issuing a A$3.75 billion (US$2.7 billion) deal due February 2050. The government debt-management agency says a groundswell of demand from domestic fund managers as well as a degree of scarcity value drove the transaction.
Liberty starts marketing RMBS deal
On 19 September, Liberty Financial (Liberty) began taking indications of interest for a potential residential mortgage-backed securities (RMBS) transaction, Liberty Series 2018-3. The deal will be denominated in Australian dollars and euros, and is expected to launch in the week commencing 24 September.
