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Bendigo and Adelaide Bank (BEN) priced its first prime residential mortgage-backed securities (RMBS) issue of 2017 on 9 March. Torrens Series 2017-1 Trust has a six-tranche structure which was upsized from indicative aggregate volume of A$500 million (US$379.5 million).
Sovereign inflation-linked issuance highlighted the week, as both the Australian Office of Financial Management and New Zealand Debt Management Office printed syndicated linker deals. New-issuance markets were relatively quiet elsewhere save for Australian bank benchmark deals and the now-ubiquitous stream of small, high-grade Kangaroo deals.
The New Zealand Debt Management Office (NZDMO) (AA+/Aaa/AA+) printed to top of its target volume of NZ$1-1.5 billion (US$706.1 million – NZ$1.1 billion) in the 3 March syndication of its new 2040 inflation-linked bond. The issuer says books exceeded NZ$2.4 billion.