Westpac Banking Corporation (Westpac) opened a new route to sustainable funding when it printed a A$117.3 million (US$92 million) Uridashi deal earlier in February. The deal hints at growth in demand for sustainable and socially responsible products from Japanese retail investors and consequent opportunities for Australian issuers.
The Australian property market is a constant headline producer, particularly when prices are in decline. The recent cooling of house prices, however, has – so far – been a desired outcome for regulators and market participants who were seeking a soft landing after an unprecedented period of growth.
On 15 October, Firstmac began taking indications of interest for a potential residential mortgage-backed securities (RMBS) transaction, Firstmac Mortgage Funding Trust No. 4 Series 3-2018 (Series 3-2018). The deal is expected to launch in the coming week.
The first maturity of an Australian social impact bond (SIB), used to fund The Benevolent Society’s Resilient Families programme, marks an important point in the local development of the instrument, deal participants say. In particular, they point to the financial and social results as a validation of the use of SIBs to achieve social outcomes.