Auckland International Airport (Auckland Airport) (A- by S&P) launched its six-year, NZ$125-175 million (US$83.4-116.7 million) retail bond offer on 24 September. The forthcoming deal has indicative price guidance of 95-105 basis points over mid swap, with the final margin to be determined on 26 September.
New Zealand fund managers say their market has made great strides towards matching global standards for environmental, social and governance (ESG) integration in recent years. While the equity market has led the way – and expects to deliver more stringent exclusions and shareholder activism in future – there is also a growing focus on ESG in the fixed-income sector.
AT&T’s debut Kangaroo deal, which priced on 14 September, marked the return of US corporate issuance to the Australian market for the first time this year. Deal sources say cash repatriation by major US corporate names has drastically reduced offshore issuance from US credits globally, but insist AT&T’s A$1.3 billion (US$949.2 million) result demonstrates that Australia remains open for business to this type of borrower.