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Thursday, 28 May 2020

Fitch highlights growing risks offsetting Australia’s sovereign strength

Australia’s sovereign rating will be tested in the coming months as the ramifications of the COVID-19 crisis play out through the economy, according to Fitch Ratings. A newly placed negative outlook on Australia’s AAA rating relates to significant downside risks in the domestic economy, including household debt, as well as global factors such as newly levied trade barriers.

Friday, 01 May 2020
Apr/May 2020

COVID-19 timeline

COVID-19 and its economic and market impacts evolved at a dizzying pace through the first quarter of 2020. KangaNews plots the key developments with a focus on those most relevant to Australian and New Zealand debt capital markets.

Tuesday, 28 April 2020
Apr/May 2020

Investor survey: uncertainty reigns

Fitch Ratings and KangaNews have been conducting the Fixed-Income Investor Survey since the first half of 2014. The 2020 iteration combines a deeply negative outlook with vast areas of uncertainty to produce the survey’s most worrying set of data ever.

Monday, 27 April 2020
Apr/May 2020

COVID complexity: impact on RMBS a tough call

One easy conclusion to draw about the COVID-19 pandemic is that the measures put in place to fight it will cause unemployment to rise precipitously. Anticipating this, lenders have already begun offering loan payment holidays and other types of forbearance.

Wednesday, 08 April 2020

Fitch downgrades Australia’s big-four banks to single-A

Fitch Ratings (Fitch) downgraded the long-term issuer default ratings of the Australian major banks and their New Zealand subsidiaries on 7 April, to A+ from AA-, and kept all four on negative outlook. The decision reflects the expected effect on core markets and bank operations of measures being implemented by governments to limit the spread of COVID-19.

Friday, 13 March 2020

Australian securitisation ready for COVID-19 stress test, market participants say

The disruption the accelerating COVID-19 crisis has sparked will test the resilience of the Australian securitisation market, even though risks to credit quality may be limited. Issuers may have to increase their usage of alternative funding options should the public market remain inaccessible for an extended period.

Monday, 20 January 2020
Dec/Jan 2019/20 IWI supplement

ESG steps forward in rating-agency analysis

The evolution of debt investors’ incorporation of environmental, social and governance (ESG) factors is making rating agencies more relevant to the sector. In particular, the move towards incorporating ESG into entity-level credit analysis is bringing the sustainable market into the rating agencies’ sweet spot. Challenges in determining materiality and timeframes for risk remain.

Monday, 20 January 2020
Dec/Jan 2019/20 IWI supplement

A sustainable market takes shape in New Zealand

New Zealand's green, social and sustainability (GSS) bond market grew substantially in 2019 but is still concentrated around a fw repeat issuers. At the KangaNews-Westpac New Zealand Sustainable Finance Summit in Auckland in November 2019, market participants discussed developments in the GSS market and the wider application of sustainability.

Thursday, 02 January 2020
Dec/Jan 2019/2020

Depth more than breadth for Australian ABS

Residential mortgage-backed securities (RMBS) have always dominated the Australian securitisation market. However, a bustling consumer-finance sector sparked a clutch of nonmortgage asset-backed securities (ABS) transactions in 2019. Meanwhile, market participants say they expect more volume growth from new issuers.

Thursday, 02 January 2020
Dec/Jan 2019/2020

Robust and evolving

Australian Securitisation 2019 took place in Sydney on 18 and 19 November with market-leading commentary on the evolution of the securitisation market, including collateral, lending regulation and benchmark reforms. The Australian securitisation market is poised to enter the next decade in robust shape, reflected by a record registration for and attendance at the Australian Securitisation Forum’s annual conference.