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ANZ says the US$2 billion transaction it brought through its New Zealand subsidiary ANZ National (AA/Aa2/AA-) on July 11 was part of its normal annual funding requirement, playing down market speculation regarding the surprisingly wide price the issuer paid – 312.5 basis points over US Treasuries.

Australian Securitisation Forum (ASF) has developed a multi-pronged programme designed to nurse the country’s mortgage market back to health. The programme, which KangaNews understands has already been put before legislators, could have wide-reaching consequences for Australian debt markets if instituted.

A spate of sizeable EMTN trades in Aussie dollars from top-rated Kangaroo issuers over the last few months appears to have been done to fill demand from a single Japanese investor. KangaNews has information on 12 transactions from eight issuers, totalling A$4.87 billion (US$4.78 billion).

Despite the ongoing credit market upheaval, the first half of 2008 saw record domestic primary market activity in Australia, with the A$25.42 billion (US$24.62 billion) of new paper priced in the six months exceeding total issuance from 2007. There was also A$8.67 billion more domestic issuance than in the previous record first half, 2006.

Compared to its non-core funding market peers, Canada’s Maple market has taken a fearsome battering in the past year. But although the market is on the canvas at present, participants say it should not yet be considered out for the count – and could be punching its weight again by the end of the year.

Minimal deal flow over the last fortnight has slowed movement in KangaNews’s intermediary league tables to a glacial pace. With just one Kangaroo deal priced so far in July, TD Securities has closed the gap on table-topper RBC Capital Markets in that market with the two still accounting for a combined 80 per cent of volume this year.

St.George Bank (A+/Aa2/A+) (St.George) priced a A$50 million (US$47.9 million) increase to the floating tranche of its April 2011 bond on July 10 – the first time the issuer has increased the line since its 2006 debut and bringing its size to A$950 million, or A$1.35 billion including the fixed rate tranche.

The European summer has not traditionally slowed Australian dollar issuance to an enormous extent, with KangaNews data indicating July has in the past actually been one of the busiest months for Kangaroo borrowers in particular.

Council of Europe Development Bank (AAA/Aaa/AAA) (CEB) priced the first Kangaroo deal for a fortnight on July 3: a A$200 million (US$192.4 million) increase to its largest line, the 2012, adding to its outstanding ahead of a forthcoming maturity.

Up to A$11.43 billion (US$10.92 billion) of Queensland Treasury Corporation (AAA/Aaa) (QTC)’s A$16.3 billion borrowing requirement for the 2008-9 financial year will be sourced in AUD term markets, according to the state treasury’s June 25 borrowing programme announcement.

The tier one hybrid transaction brought to market by Westpac Banking Corporation (Westpac) has set margin at the tighter end of its indicative range, 240 basis points above three-month BBSW, on June 26 while also being upsized to A$950 million (US$907.25 million).

Optimism regarding the eventual treatment of Kangaroo bonds in the new version of Australian Prudential Regulation Authority (APRA)’s GPS120 standard for general insurers has proved well founded, as Kangaroos will now be re-allowed as “assets in Australia” from July 1.