The domestic housing market has soared as a risk factor in the minds of Australian fixed-income investors according to the latest Fitch Ratings (Fitch)-KangaNews Australian Fixed Income Investor Survey. A deeper look at the data suggests investors believe risk is contained, but the survey as a whole points to expectations of a slowing economy.
A holistic approach to integrating environmental, social and governance (ESG) factors into credit processes is becoming the norm across the global debt market. Fitch Ratings (Fitch)’s integrated scoring system has been operational for close to six months and Andrew Steel, the rating agency’s London-based managing director and global head of sustainable finance, explains why the agency believes this system could transform ESG investing.
On 3 July, expected ratings were assigned by Fitch Ratings and S&P Global Ratings to Pepper Group (Pepper)'s proposed asset-backed securities (ABS) deal, Pepper SPARKZ Trust No.1 (SPARKZ). The deal has indicative total volume of A$511.6 million (US$357.9 million).
On 6 May, expected ratings were assigned by S&P Global Ratings and Fitch Ratings to Firstmac's potential residential mortgage-backed securities (RMBS) deal, Firstmac Mortgage Funding Trust No. 4 Series 2-2019 (Firstmac Series 2-2019). The deal has indicative total volume of A$500 million (US$348.8 million). ANZ, J.P. Morgan, National Australia Bank, Standard Chartered Bank, United Overseas Bank and Westpac Institutional Bank were mandated for the potential deal on 24 April.
The Australian securitisation market is arguably in its best shape since the financial crisis – at least in the sense of the robustness of market infrastructure and diversity of participants on the issuer and investor sides. In November, a record number of delegates gathered in Sydney at Australian Securitisation 2018, the annual conference of the Australian Securitisation Forum, to discuss the state of play – and some of the looming challenges.
Latitude Financial Services (Latitude) is preparing a potential debut New Zealand dollar asset-backed securities (ABS) transaction, Latitude New Zealand Credit Card Master Trust (CCMT) Series 2018-1. Expected ratings were assigned by Fitch Ratings on 29 November and KangaNews understands the transaction was mandated on 30 November, with a launch expected in the coming days.