ACCU nets A$263.2 million in AOFM-backed RMBS
The second and last transaction from the second round of Australian Office of Financial Management (AOFM)-supported residential mortgage-backed security (RMBS) activity priced on July 14, with Australian Central Credit Union (ACCU) bringing a total of A$263.2 million (US$206.09 million) to market – A$190 million of it purchased by the AOFM.Small upsize for Wide Bay as penultimate AOFM RMBS round begins
The first deal in the penultimate round of residential mortgage-backed securities (RMBS) investment by the Australian Office of Financial Management (AOFM) began on July 10, with Wide Bay Australia achieving an upsize of A$33.5 million (US$26.15 million) in its A$433.5 million transaction.HBS issues A$400 million as it shifts funding from ABS
Heritage Building Society (HBS) (BBB/Baa3) issued a total of A$400 million (US$312.72 million) of government guaranteed three- and five-year bonds on July 9 with the issuer saying it expects to return to the vanilla market more frequently in future as it switches its wholesale funding out of the challenged asset-backed security (ABS) market.World Bank's third Kauri deal is NZ$300 million new 2014
The Kauri deal launched by World Bank (AAA/Aaa) on July 9 achieved volume of NZ$300 million (US$189 million) in the anticipated new five-year line a day later, with pricing on the transaction of 37 basis points over the benchmark 2015 New Zealand government bond – understood to equate to mid-20s basis points over five-year swap.Real money momentum helps CommBank quadruple its unguaranteed 2014 [UPDATED]
The most active Australian borrower in the unguaranteed arena, Commonwealth Bank of Australia (CommBank) (AA/Aa2/AA), priced the first five-year maturity unguaranteed transaction from a domestic Australian bank for almost a year on July 7, with the issuer saying real money demand drove an upsize from A$500 million (US$397 million) at launch to A$2 billion.