Back on track in the New Zealand high-grade market
At the start of June, KangaNews and Westpac brought together New Zealand’s biggest government-sector issuers in Wellington to discuss the path of their market from the depths of the crisis back to functionality, the new challenges of 2021 and the outlook for a raft of factors – including sustainable-finance evolution, inflation-linked issuance and the long-dated market.
Shifting sands change dynamics for Australia's government-sector issuers
KangaNews and Westpac Institutional Bank hosted their annual roundtable for Australia’s sovereign and semi-government issuers in June – via audioconference, as the discussion happened as many Australian states were re-entering lockdown following the latest outbreak of COVID-19. Despite the sting in the pandemic’s tail, issuers are confident about the resilience and functionality of their market as they enter new financial years.
Curtain falls on LSAP but market set to play on
The Reserve Bank of New Zealand’s Monetary Policy Committee decided on 14 July to halt its large-scale asset purchase programme before the end of the month due to the trajectory of New Zealand’s recovery from COVID-19. New Zealand is ahead of the developed world in its tightening cycle but analysts believe the market and economy is ready for this withdrawal of stimulus.
Firstmac sprouts first all-green RMBS in Australia
Firstmac’s entrance into green residential mortgage-backed securities issuance is a first for the Australian market as the whole deal – not just selected tranches – is in certified green format. The issuer and the deal’s two investors – Norinchukin and Clean Energy Finance Corporation – say it could seed a promising future for environmentally backed securitisation in Australia.
Kangaroo programme delivers for Banco Santander
Banco Santander’s recent Australian dollar deal was its third benchmark transaction in the currency but its first under a Kangaroo programme. The issuer tells KangaNews it established local documentation specifically to attract Australian investors and was pleased the latest deal attracted participation and volume that exceeded expectations.