In November 2018, the first-ever KangaNews-Westpac New Zealand Sustainable Finance Summit took place in Auckland. The event brought together participants from across the New Zealand capital market including corporate entities, institutional investors and government to enhance dialogue about market-led solutions to the challenges posed by transition to a sustainable environmental and social future.
Contact Energy (Contact)’s new sustainability-linked loan (SLL) incentivises improvements in areas such as corporate governance, stakeholder engagement and environmental impact. Participants in the deal believe that the SLL product will be applicable for a broad set of borrowers in New Zealand as it is elsewhere.
Westpac Banking Corporation (Westpac) executed a multitranche senior-unsecured deal and a covered-bond transaction in the US dollar market on 9 January 2020. The issuer says it received strong ongoing support as major-bank benchmark deals continue to flow freely in domestic and global markets, though the US has been the jewel in the crown.
On 16 January, Westpac Banking Corporation (Westpac) revealed plans to engage investors regarding a potential self-led, Australian dollar denominated residential mortgage-backed securities (RMBS) deal from its WST programme.
On 10 January, BNP Paribas (A+/Aa3/AA-) launched a new 7.5-year, Australian dollar denominated, senior nonpreferred, EMTN, benchmark transaction, offered in either or both fixed and floating-rate format. Indicative price guidance for the forthcoming deal, which is expected to price on the day of launch, is 140 basis points area over swap benchmarks.