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.
On 10 December, Fox Symes launched a nonconforming residential mortgage-backed securities (RMBS) deal, Fox Symes Home Loans 2019-1 PP Trust. Total capped volume for the forthcoming deal is A$200 million (US$136.5 million), with pricing expected on or before 12 December. Westpac Institutional Bank is arranger and lead manager.
On 2 December, Pepper Group (Pepper) mandated Bank of America, MUFG Securities, National Australia Bank, RBC Capital Markets, Societe Generale and Westpac Institutional Bank to engage investors regarding a potential auto and equipment asset-backed securities (ABS) deal from its SPARKZ programme. Subject to market conditions, the transaction is expected to launch in early 2020.
On 2 December, Bendigo and Adelaide Bank (BEN) (BBB+/A3/A-) launched a 2.75-year Australian dollar denominated, senior-unsecured, 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 after launch, is 85 basis points area over swap benchmarks.