LGFA shrugs off repo uncertainty to validate Australasian issuance strategy
New Zealand Local Government Funding Agency is confident its latest Kangaroo deal demonstrates ongoing support for its name in Australian dollars, despite its recent loss of local repo eligibility. With four points now on its Australian dollar curve, the issuer says its new issuance focus will shift to building up line size rather than adding new benchmarks.
Demand for Telstra shows corporate market no longer a blue-chip-only story, leads say
The size and breadth of demand for Telstra’s latest deal stands out – especially the scale of bids for 10-year corporate bonds. But deal sources say buy-side interest in corporate transactions is wider than it was a year ago and should support supply from a range of issuers.
Macquarie nets largest-ever domestic print as financial strength registers for tier-two
The result of tier-two transactions from domestic peers influenced Macquarie Bank’s decision to price its 10-year non-call five-year tier-two deal on 22 February. Ongoing demand for bank supply came through in a jumbo orderbook and a margin that equals those offered just weeks earlier by big-four banks.
New ORDE: reflections on a record breaker
ORDE Financial made its debut in the benchmark residential mortgage-backed securities market on 22 February, printing volume – A$1 billion in total – that KangaNews believes to be the most ever by a debutant nonbank issuer. The issuer shares perspectives on funding and execution strategy, a healthy domestic securitisation market and plans to grow its investor base further in future.
Core offshore markets ripe for Australasian supply
The Australian dollar market has been hot at the start of 2024 but, as the H1 corporate issuance window opens, so are core global markets. Intermediaries say the euro and US dollar markets are both offering highly conducive conditions, providing Australian issuers no shortage of reasons to jet abroad sooner rather than later.