DWPF return highlights strong corporate demand amid light deal flow
DWPF Finance returned to the Australian dollar market for its first new deal in six years on 27 July. Deal sources say the issuer was keen to hit the deepest pocket of Australian dollar demand and to establish a longer point on its curve, eventually receiving good support for both the seven- and 11-year tranches it offered.
Primetime for Bluestone
Bluestone Group printed its debut prime residential mortgage-backed securities deal on 21 July in a deal supported by the lender’s recent partnership with Athena. Having built market presence with its nonconforming product, Bluestone now expects the majority of its issuance to be in the prime category, while it is also teasing an imminent New Zealand dollar debut.
Investors embrace SAFA transaction even at 15-year tenor
By adding a 15-year point on its curve, South Australian Government Financing Authority’s latest syndicated deal suggests continued investor appetite for longer-dated issuance.
BNPL asset class flies high with Zip triple-A upgrade
Australia’s buy-now, pay-later securitisation sector received a significant stamp of approval in July as Moody’s Investors Service upgraded the top tranches of all three of Zip Co’s outstanding transactions to Aaa. The rating agency had previously withheld the top mark based on the relative infancy of Zip and the BNPL asset class, and the issuer now says it hopes to see a cost-of-funds benefit from the development.
New Zealand's buy side speaks out
In May, BNZ and KangaNews carried out an unprecedented survey of New Zealand’s institutional fixed-income investors as the first step in a bank project to identify and progress challenges and opportunities facing the local market. Having digested the results of the survey, BNZ also hosted a panel of investors to discuss its results in more detail.