Rabobank continues to find favour with AUD investors
Rabobank Nederland Australia Branch (Rabobank) (AAA/Aaa) returned to the Australian domestic market for the fourth time in 2009 on July 24, bringing its annual issuance to A$2.45 billion (US$2 billion) with the sale of A$1 billion of new 2012 bonds. The same borrower also priced A$200 million of five-year euro-Aussie bonds the night preceding its 2012 issue.ASF-sponsored report recommends RMBS guarantee and further AOFM support
A report by economic consultancy Access Economics (Access) on behalf of the Australian Securitisation Forum (ASF) has recommended a government guarantee on residential mortgage-backed securities (RMBS) and an increased role for the Australian Office of Financial Management (AOFM) as the key measures necessary to revive local asset-backed funding.ASF hopeful treasury submission will open door to Aussie covered bonds
The Australian Securitisation Forum (ASF) believes a submission it has made to federal treasurer Wayne Swan could pave the way for Australian banks to issue covered bonds. Most significantly, the ASF argues that increased depositor protection in Australia is enough to counter the concerns of the Australian Prudential Regulation Authority (APRA) that covered bonds could subordinate retail depositors in the event of bank failure.IFC's 2014 Kangaroo increase garners A$500 million [UPDATED]
The increase to International Finance Corporation (IFC)'s (AAA/Aaa) 2014 Kangaroo bond which priced on July 23 netted volume of A$500 million (US$408.95 million), bringing the total size of the line to A$1.25 billion. Pricing on the deal, which was lead managed by ANZ Banking Group and Commonwealth Bank of Australia, illustrates ongoing tightening in the Kangaroo market.Property deals net A$640 million while ASX adds domestic soundings [UPDATED]
Domestic medium-term note (MTN) transactions from three issuers in the property sector – Leighton Holdings (Leighton) (BBB/Baa1) subsidiary Leighton Finance, Dexus Property Group (Dexus) (BBB+) and Australian Prime Property Fund Retail (APPF Retail) (A) – raised a total of A$640 million (US$520.26 million) at pricings on July 20 and 21.