Coles trade hints at stocked-up market in 2024
Coles Treasury Group’s latest domestic deal hints at the potential of the Australian dollar market at the back end of what has turned into a solid but unspectacular year for corporate issuance. Coles bagged a jumbo book including ample long-end demand and its lead managers say other corporates are seriously considering the domestic market for issuance in the next post-reporting window.
LGFA strikes while the iron is hot to secure Kangaroo return
With the success of its debut Kangaroo deal still fresh in the memory, New Zealand Local Government Funding Agency seized the opportunity to return to the Australian dollar market and capitalise on follow-up demand for its name. The issuer says its second Kangaroo deal maintained the combination of adding flexibility and diversity to its funding programme at an attractive price.
First Contact in Australian dollars as Kiwi corporate flow continues
Contact Energy says it has long-term plans to build out its presence in the Australian dollar market following a well-received Kangaroo green-bond debut. The issuer is the fourth New Zealand-based corporate name to print an Australian dollar transaction this year and the second in November.
MA Money goes public for upsized debut RMBS term out
MA Money says it was rewarded for its decision to offer its debut residential mortgage-backed securities transaction as a fully public deal by earlier-than-expected demand from key international accounts. The issuer’s aim is to build a programme that reliably issues once or more a year and with this aim in mind it viewed a relatively early public debut as a key step toward investor diversification.
Diverse investor base drives Deutsche Bahn’s Kangaroo return
A desire to further diversify its investor base coupled with appealing landed cost of funds prompted Deutsche Bahn’s return to the domestic Australian dollar market. The deal’s combination of extended duration and high-quality credit appealed to international investors, especially in Asia-Pacific and the UK.