Metro Finance shifts into a higher gear
Metro Finance executed its largest-ever auto and equipment asset-backed securities transaction in July. The issuer says its funding need is growing on the back of record growth driven in part by its success in taking market share from the major banks.
ECU deal demonstrates Australian dollar long-end resilience
Edith Cowan University printed a curve-extending Australian dollar transaction on 8 July, saying domestic and regional investors back the borrower’s Perth CBD campus project and long-term credit fundamentals. Deal sources say the transaction is an example of the support for long-end credit still in evidence even amid the reflation narrative.
RBA bond purchases to support economy into expansion phase
The Reserve Bank of Australia has revealed the next phase of its QE programme, which includes a slight tapering of volume and additional flexibility. The central bank continues to believe extraordinary monetary support is needed given weak inflation outcomes even as the Australian economy expands.
Westpac NZ continues path to funding normality with euro deal
Westpac New Zealand returned to the euro market on 6 July, in its first offshore senior-unsecured issuance foray since the onset of COVID-19. The borrower says it saw a window of opportunity due to undersupply in the euro market at the same time as a tailwind from recent news confirming the bank’s future ownership.
NAB gets covered in preparation for post-TFF funding
National Australia Bank (NAB) became the latest major Australian bank to access senior term funding in global markets with the 28 June print of a new euro-denominated covered bond. NAB did not price the deal to satisfy an immediate funding need but rather as an early-stage preparation for maturity towers on the horizon.