Autos proliferate
The Australian auto lending market is undergoing a similar structural shift to that experienced by the nonprime mortgage lending market a few years ago: a wide-scale withdrawal by bank balance sheets and a proliferation of new and existing nonbank lenders. Auto-backed securitisation issuance is booming as a result.
SSA Kangaroo volume passes all-time record but eyes turn to 2024
Supranational, sovereign and agency issuance in Australian dollars has had a knock-out year, with new supply surpassing an annual record that had stood for nearly a decade and a half. Supply has resumed after a particularly acute mid-year lull, but intermediaries’ attention is now turning to next year as the new-issuance ground looks less fertile in the near term.
Read more: SSA Kangaroo volume passes all-time record but eyes turn to 2024
Flexibility key for Judo as it makes AT1 debut
Maximising its access to capital across the stack was the primary motivating factor for Judo Bank to bring its first-ever additional tier-one deal to market. The issuer elected to use retail format for the deal despite revived regulatory scrutiny of this avenue of distribution but says its small scale of issuance means the wholesale option would likely be available should it be needed in future.
QBE the latest to take advantage of hot tier-two market
QBE Insurance Group is the latest borrower to find ample demand for Australian dollar tier-two issuance, securing a more than four-times oversubscribed orderbook for its second subordinated deal of the year. The transaction forms part of the group’s new Australian dollar focus, having previously completed most of its funding in US dollars.
Record number of investors show up for BEN tier-two deal
Bendigo and Adelaide Bank welcomed a record number of investors into the orderbook of its latest tier-two transaction. Most of these accounts were already active in the bank’s wider funding programme but have only now taken the decision to step down the capital structure to tier-two level.