QTC’s green format adds to already hot semi-government demand
Queensland Treasury Corporation says offering the first semi-government green-bond syndication of the year only increased demand for new issuance from the sector – particularly from international accounts, which bought around one-third of the deal. Bids comfortably outstripped final volume even when pricing tightened to the left end of the marketing range.
Bank issuers add to Kangaroo flow as Handelsbanken prints record deal
Svenska Handelsbanken printed its largest-ever Kangaroo transaction on 21 February, adding to the record volume of Kangaroo issuance at the start of the new year. The borrower says it was overwhelmed with the reception it received from investors, which led it to take more volume from the market than anticipated.
Swing back to bond funding predicted for corporate Australia
The cost of syndicated loans and public bonds has converged as banks reach lending limits and credit markets rally. After a year in which Australian companies leaned much more on their banks than capital markets for debt funding, corporate bonds may be the preferred alternative for many Australian borrowers with refinancing needs in 2023.
Early-year demand feeds through to securitisation deals
Coming off the back of difficult issuance conditions and narrow demand in 2022, the Australian securitisation market that met the new year’s first wave of deals provided more positive transaction outcomes. Investors’ willingness to put cash to work in the first two months of the year extended to the structured finance asset class, deal sources say, although there is an ongoing tone of caution about the year ahead.
Offshore investors push TCorp’s orderbook higher
New South Wales Treasury Corporation highlights a material pickup in offshore participation in its latest syndicated bond offering, as investors globally flock back to the fixed-income market. The issuer says outright and relative yield helped drive the orderbook.