Online articles

  • Asia delivers scale

    Pricing became challenging for Australian issuers in the Asian-targeted US dollar Reg S market later in the first half of 2018, after a flurry of corporate transactions over the preceding 12 months. But market participants in Asia insist the regional liquidity pool will increasingly challenge old...
  • Funding growth in Victoria

    Tim Pallas, Melbourne-based treasurer of the state of Victoria, has been in the fortunate position of overseeing what is arguably Australia’s best-performing state economy from a budgetary perspective. In the wake of the state’s 2018/19 budget, Pallas discusses Victoria’s infrastructure and...
  • Global green-bond market prepares for leap to mainstream

    Scaling up and broadening supply through globally harmonised issuance standards will be a key goal for the international green-bond industry in the coming years, according to market participants at the leading international forum for the sector. Asia’s significance as a source and target of...
  • Global high-grade debt as the world changes

    While markets have remained liquid and tradeable throughout 2018, there can be little doubt that the period of almost unprecedented beneficial funding conditions that pervaded up to the end of 2017 has passed. At their annual global-markets roundtable in London in...
  • Green mortgages and the future of sustainable funding

    The key to unlocking a new level of green issuance in the Australian bond market could be a deeper understanding of the assets on banks’ balance sheets. Institutional assets lend themselves to classification and verification, while the potential of SME and household loans remains almost untapped.
  • High-grade demand in a rising rates world

    The big story in the Australian dollar high-grade market in 2018 has been 10-year US Treasuries (USTs) consistently yielding more than the equivalent Australian Commonwealth government bonds (ACGBs) – with little prospect of a reversion. KangaNews spoke to a range of dealers in June to get their...
  • Housing New Zealand plays the long game

    New Zealand’s semi-government market received a significant boost in the May 2018 budget when the government mandated a further uplift to Housing New Zealand (Housing NZ)’s home-building programme. The agency’s Auckland-based chief executive, Andrew McKenzie, and Wellington-based treasurer, Sam...
  • Issuer insights on Ausgrid’s latest wave of deal action

    Ausgrid Finance (Ausgrid) added to its landmark US private placement (USPP) and Australian domestic deals from 2017 in April, with a €650 million (US$793.6 million) and a dual-tranche US$1 billion 144A/Reg S transaction. Michael Bradburn, chief financial officer at Ausgrid in Sydney, shares...
  • KangaNews Fixed-Income Research Poll 2018: results announced

    The results of the eighth iteration of the KangaNews Fixed-Income Research Poll, the only independent, specialist poll of fixed-income investors' views on research in the Australian market, are supported by a record number of responses for the third consecutive year in 2018. More than 100...
  • Leading from the front

    In the 2018 iteration of the KangaNews Fixed-Income Research Poll, Commonwealth Bank of Australia (CommBank) maintained the dominant position it has established in recent years. The CommBank team sat down with KangaNews to reflect on the market-shaping factors of the past 12 months and to reveal...
  • London call-in

    Engagement with international investors is a significant – and growing – focus for Australian securitisers. The Australian Securitisation Forum’s annual showcase returned to London on 4 June, giving Australian issuers and intermediaries a chance to discuss the state of the local product and market...
  • New Zealand’s green-bond potential

    New Zealand’s green-bond market is still in its infancy, but green issuance could be a natural fit for some of the biggest sectors of the economy. While market participants work to facilitate labelled issuance, domestic investors say they are already well advanced in factoring environmental,...
  • On the WA up

    The end of Australia’s resources-sector investment boom was not kind to its most commodities-exposed state, Western Australia (WA). But with a new government in place since 2017, WA’s Perth-based treasurer, Ben Wyatt, is happy to agree with the analyst consensus that the state’s financial...
  • Queensland sticks to its guns

    Jackie Trad, Queensland’s deputy premier and treasurer, says building infrastructure to support future growth is a key budget priority. But, she adds, having a sound budgetary base is the only way to deliver what the state needs in a responsible manner.
  • Reach out (or be where)?

    Having recently spent some time in Asia talking to advocates of the burgeoning regional credit market, I was struck by some contrasts with Australia. It occurs to me that local issuers and investors will need to engage with Asia sooner rather than later or run the risk of their home jurisdiction...
  • Strong ties in a changing world

    The Australian Office of Financial Management hosted its fourth Australian Government Fixed-Income Forum in Tokyo in June. The event has grown significantly since its debut in 2013, with close to a hundred local investors attending in 2018. KangaNews was the only media organisation present, and is...
  • TCorp sets out its priorities

    New South Wales Treasury Corporation (TCorp) revealed a A$6.6 billion (US$4.9 billion) term-funding requirement for the 2018/19 financial year on 19 June, in the wake of the New South Wales (NSW) state budget. Fiona Trigona, head of funding and balance sheet, and Katherine Palmer, senior manager,...
  • The role of green bonds in making an impact

    To truly understand the value of green bonds – and counter the cynic’s objection that they are little more than window dressing – it is necessary to take a historical perspective. By doing so, the nature and context of green-bond impact starts to reveal itself more clearly.
KangaNews issues