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For Commonwealth Bank of Australia, it is more important than ever to have corporate responsibility at the heart of what the bank does. Using its lending book as an example, the bank demonstrates how it is putting its principles into practice for the benefit of all stakeholders.
Some of Australia’s most significant institutional investors in the socially responsible investment space share perspectives on the importance of incorporating environmental, social and governance (ESG) principles in their investment strategies. They also discuss the relationship between ESG and credit ratings, sectoral hurdles and the myths around the risk-return equation.
KangaNews speaks to a range of representatives from Australia’s big-four banks about the role of capital markets in financing global sustainability initiatives, developments in the fixed-income socially responsible investment space, the challenges to growth of the impact bond market, and what tops their wish list of things to happen to promote further market growth.
On 1 November, Eclipx Group (Eclipx) began taking indications of interest on its latest asset-backed securities (ABS) transaction, Turbo Series 2017-1 Trust. The deal has indicative volume of A$329.36 million (US$252.3 million), according to arranger ANZ. National Australia Bank and Westpac Institutional Bank are additional lead managers.
International Finance Corporation (IFC) (AAA/Aaa) launched a minimum A$50 million (US$38.3 million) tap to its October 2027 Kangaroo bond on 1 November. Indicative price guidance for the forthcoming transaction is 43 basis points area over semi-quarterly swap and 52.25 basis points area over April 2027 Australian Commonwealth government bonds. The deal will price on the same day as launch, according to sole lead manager Mizuho.
For National Australia Bank (NAB), understanding the value of sustainability and implementing the measures needed to support it at the institutional level starts with a perspective on the world outside the bank. NAB’s focus is on shared value – the concept that corporate performance can and should go hand-in-hand with positive sustainability outcomes.
S&P Global Ratings (S&P) stayed its hand on Australia’s sovereign rating following the release of the Commonwealth’s mid-year economic and fiscal outlook (MYEFO) on 19 December 2016.
Columbus Capital (Columbus) began taking indications of interest on its Triton 2017-2 residential mortgage-backed securities (RMBS) transaction on 1 November. The forthcoming deal has indicative volume of A$400 million (US$306.4 million) and is being led by Deutsche Bank, MUFG Securities, National Australia Bank and Westpac Institutional Bank.
On 1 November AMP Bank revealed plans to engage with investors in relation to its Progress residential mortgage-backed securities (RMBS) programme. Deutsche Bank, Macquarie Bank, MUFG Securities, National Australia Bank and Westpac Institutional Bank will arrange the series of meetings, with a potential Australian dollar-denominated funding and capital-relief transaction to follow.