Surging warehouse demand relieves AOFM of SFSF positions
The Australian Office of Financial Management is encouraging lenders to find new investors for positions in warehouses it has held in the Structured Finance Support Fund established in response to COVID-19. While warehouse demand is robust, market sources say it could be tested as more supply hits the market.
LGFA seizes opportunity to capture offshore long-dated bid
New Zealand Local Government Funding Agency has made an early return to the syndicated market, exploiting elevated offshore demand for long-dated New Zealand dollars to complete its largest-ever print.
Nonbanks make hay but contemplate season change
Australia’s nonbank financial institutions have enjoyed an unprecedented domestic funding bonanza in 2021 as circumstances have aligned to provide all-time record securitisation volume and the best pricing conditions since the financial crisis. Book growth and the return of competing supply mean the search for new liquidity pools is likely to move back up the agenda soon, however.
CLF change helps TCV print largest-ever semi-government floater
Treasury Corporation of Victoria priced a A$3.5 billion (US$2.6 billion) floating-rate note on 7 October, in what was the largest single-tranche floating-rate deal ever printed by an Australian semi-government issuer. Bank balance-sheet investors dominated the book, reflecting shifting demand patterns following the announcement that the committed liquidity facility will shrink to zero.
Green-bond investor sophistication increasing: Investa
Investa Property Group says green-bond investors are becoming more sophisticated, as it prepares for a green bank-debt capital markets future. The firm recently priced a A$140 million (US$102.4 million) use-of-proceeds green bond, a follow up to Australia’s first such deal in 2017.