Nonbanks ready to take advantage as new opportunities emerge
The annual KangaNews-Natixis CIB nonbank lender roundtable, which took place in Sydney in August 2023, came at an interesting juncture for the sector. Nonbanks have responded to a period of elevated competition in the mortgage market by diversifying their books, and the combination of new assets and robust performance in their core sectors mean participants are facing the future with optimism.
Read more: Nonbanks ready to take advantage as new opportunities emerge
Strategic view leads BEN to euro covered market
A desire to diversify funding by accessing the deepest global market for covered bonds trumped lower funding costs at home for Bendigo and Adelaide Bank in its inaugural Euro covered deal.
Tier-two comes to the party as Suncorp adds to Australian financial supply
Suncorp Group maintained a recent trend for significantly oversubscribed Australian dollar deals by financial institutions with its return to the domestic tier-two market on 20 September. The issuer notes wide support for the deal despite ongoing uncertainty about the potential acquisition of Suncorp Bank by ANZ Banking Group, saying market depth may reflect fundamental system growth.
Higher yield widens retail pathway for Auckland Council’s return
After a near two-year hiatus from its home market, Auckland Council elected to use retail format for its latest green-bond transaction. The higher rates environment broadened retail demand, sharpening the pricing outcome for the issuer and illuminating a path that other high-grade issuers may choose to follow.
Australian issuance hits the right note for Chorus – and more Kiwis may follow
Chorus has joined the growing group of New Zealand corporate issuers to add the Australian dollar market to their funding – and deal sources say there may be more to follow. Chorus says its decision to introduce an Australian dollar programme was strategic and that it plans to be a repeat issuer.