ASB Bank doubles down on wholesale market re-entry
ASB Bank has re-entered the wholesale funding market for the first time since the COVID-19 pandemic began with a brace of new deals. The New Zealand dollar senior and euro covered bond transactions were well supported and indicate a robust investor view on New Zealand credit, the borrower says.
Domestic balance sheets extend duration for new LGFA deal
New Zealand Local Government Funding Agency (LGFA)’s new 10-year deal shows signs of a longer-duration bank balance-sheet bid in the local market, a development the issuer says is encouraging for other borrowers seeking longer-tenor debt.
Westpac has intensive ESG experience in euro green issuance return
Westpac Banking Corporation’s green tier-two deal in the euro market, which priced on 6 May, was the bank’s first green-bond foray in more than three years. The market has evolved substantially and the issuer says the investor-relations process in Europe has ratcheted up its focus on borrowers’ environmental, social and governance credentials.
Nonbank securitisation bonanza ahead of TFF end
Intermediaries say factors including record pricing and the imminent end of the term funding facility supported a frenetic period of nonbank securitisation issuance from mid-April to early May. Deal flow was well absorbed by a market that has been undersupplied with new credit issuance.
PON insists tight SLL focus aligns with longer-term sustainability
Athena and Bluestone Mortgages say their whole-loan funding arrangement presents opportunities for both to grow sustainably and to leverage each other’s knowledge set. The strategic partnership will provide up to A$2 billion (US$1.6 billion) of whole-loan funding to Athena Home Loans over the next three years.