New capital requirements proposed for banks by the Reserve Bank of New Zealand (RBNZ) are likely to have consequences well beyond the banking sector. Economics in the lending market could be set for change, which may in turn reshape the dynamics of corporate bond issuance in New Zealand.
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RBNZ allows AT1, extends implementation period for new capital requirements
On December 5, the Reserve Bank of New Zealand (RBNZ) revealed its final determination on new capital requirements for domestic banks. Banks will still have higher capital requirements but the regulator has elected to let them fund part of these with redeemable additional tier-one (AT1) instruments and is also granting a longer implementation period.
SAFA announces potential one-year AONIA-linked FRN deal
On 2 December, South Australian Government Financing Authority (SAFA) (AA+/Aa1) revealed plans for a potential minimum A$100 million (US$67.7 million) one-year, syndicated Australian Overnight Index Average (AONIA)-linked floating-rate note (FRN) transaction. UBS is sole lead manager.
Building an investor base in NHFIC’s sights as it returns to market
National Housing Finance and Investment Corporation (NHFIC) targeted development of its investor base in it second bond transaction, which priced on 19 November. Issuance volume is limited by NHFIC’s clients’ need but the issuer says it has a pipeline to provide liquidity for investors.
Long-term sustainability vision drives TCorp’s report and market return
As a growing group of borrowers become seasoned issuers in the green, social and sustainability (GSS) bond market, participants’ attention is increasingly turning to ongoing reporting on use of proceeds and sustainable assets. New South Wales Treasury Corporation (TCorp) took a lead position on reporting in October and followed a few weeks later with a second GSS bond.