SSAs spread the funding net once more
The eighth version of KangaNews’s annual survey of supranational, sovereign and agency issuers active in antipodean markets highlights a sector with rejuvenated funding diversity over the past 12 months. The issuance outlook is relatively stable, including an ongoing commitment to sustainable funding.
NAB deal marks momentous domestic return for major banks
National Australia Bank has priced the first benchmark domestic senior-unsecured deal from a major bank since early 2020, finding strong investor support especially from other banks. The borrower says uncertainty remains prevalent but business momentum is likely to see it return to a more normal funding pattern going forward.
Singapore sling helps quench Australian market’s FI credit thirst
Two Singapore-based banks printed Australian dollar deals via local branches in early August, both achieving pricing records and one brought its green-bond programme back to the local market. Deal sources tell KangaNews the dearth of senior term funding from financial institutions (FIs) means credit spreads should remain tight for the foreseeable future.
COVID-19 outbreak ices New Zealand OCR rise – for now
The Reserve Bank of New Zealand left the official cash rate on hold on 18 August, noting that a new nationwide lockdown makes the decision the best fit for its “no regrets” policy strategy. Before the latest COVID-19 outbreak began – just a day before the latest monetary-policy meeting – analysts and markets almost universally expected the reserve bank to begin a post-pandemic tightening cycle.
Securitisation market sets in for another deal surge
The Australian securitisation market is in the middle of another issuance deluge. Similar to the last concentration of deals, in March and April, a variety of issuers report strong demand producing record transaction volume and pricing. There is also more supply on the immediate horizon.