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On 9 March, Metro Finance mandated Deutsche Bank and National Australia Bank to arrange a series of investor meetings in Sydney and Melbourne beginning 12 March regarding a potential auto and equipment asset-backed securities (ABS) transaction.
Australasian market deal activity came to a halt in the first week of March as the COVID-19 outbreak escalated. Commonwealth Bank of Australia completed the only deal of the week - a A$553 million (US$365.4 million) residential mortgage-backed securities refinancing.
B Corp certification assesses the overall positive impact of a company. Liberty Financial (Liberty) attained the accreditation on 3 March. James Boyle, the company’s Melbourne-based chief executive, talks to KangaNews about how it fits into corporate environmental, social and governance (ESG) goals.
Investa Property Group’s green-debt strategy has matured, bringing realised cost benefits, the A$500 million (US$330 million) milestone in green loans and the prospect of all future bank-debt refinancing coming in green format. The company’s Sydney-based general manager, corporate sustainability, Nina James, and head of corporate planning and treasury, Lisa Story, discuss the merits of the strategy and its execution.
The South Australian Government Financing Authority (SAFA) is responding to increased volatility by taking a nimbler approach to its funding task. Being open to opportunities is prudent in the current environment, the issuer states.
On 5 March, Commonwealth Bank of Australia launched its self-led Class A1 Medallion 2015-1 residential mortgage-backed securities (RMBS) refinancing. Total indicative volume for the deal is A$553 million (US$366 million), with pricing expected on the day after launch.
The Australian market, along with the rest of the world, has paused to take stock of the escalating COVID-19 outbreak. As of 3 March – and in the wake of a Reserve Bank of Australia (RBA) rate cut – credit market participants say it is too early to draw firm conclusions about the long-term effect but they have a degree of confidence that the Australian dollar market can stabilise.
On 4 March, Brisbane Airport Corporation (BBB/Baa2) revealed plans for a potential 7-10.5 year, Australian dollar denominated transaction. Commonwealth Bank of Australia, MUFG Securities and National Australia Bank have been mandated to arrange a series of investor meetings in Australia and Asia beginning on 6 March.
On 4 March, Commonwealth Bank of Australia began taking indications of interest for its self-led Class A1 Medallion 2015-1 residential mortgage-backed securities (RMBS) refinancing. Total indicative volume for the deal is A$553 million (US$364.3 million), with pricing expected on 6 March.
Columbus Capital proceeded with the pricing of its latest residential mortgage-backed securities (RMBS) deal on 28 February, just as the COVID-19 outbreak worsened. Deal sources say the timing was actually fortuitous for the issuer.
Demand for syndicated primary issuance of semi-government paper continued through at least the last week of February, driven by relative value in the sector, a lack of other high-grade supply and, most recently, investor flight to quality.