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.
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.
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.
WA touts economic boom as it maintains conservative pandemic settings
Speaking to dealers and investors in the wake of the 2021/22 Western Australia budget, the state’s premier and treasurer, Mark McGowan, reiterated his government’s commitment to a cautious path to reopening to the rest of Australia and internationally. Meanwhile, a cautious price forecast means Western Australia is confident the risks to budget outcomes are on the upside despite the recent precipitous fall in the value of iron ore.