Steps up in Worley’s SLB ambition and Australian corporate reopening
Worley revived a deal process it initiated in 2022 to debut in the Australian dollar market with a sustainability-linked bond. Issuer and leads say the transaction – which attracted a primarily domestic investor base – demonstrates the underlying robustness of risk appetite in the local credit market, while also allowing the issuer to enhance its own sustainability targets.
Read more: Steps up in Worley’s SLB ambition and Australian corporate reopening
Cave-AT1 emptor
The write-off of Credit Suisse hybrid notes has raised once more the issue of who provides additional tier-one capital to Australian banks and insurers. But market users insist hybrid investors as a group are more sophisticated than they are often given credit for, highlighting the local market’s relatively muted response in recent weeks as a sign of its rationality.
NBN seeks global curve impact from its inaugural euro green bond
Following the settlement of its inaugural euro benchmark – which was also its second-ever green-bond transaction – NBN Co says issuing in a new jurisdiction should help refresh its global curve including a pricing impact in the US dollar market. The early signs were positive as the euro deal priced inside NBN’s US dollar bonds with a diverse book.
ANZ finds ample domestic liquidity but calendar may slow primary revival
ANZ Banking Group reopened the Australian dollar senior credit market with a jumbo transaction on 28 March, the issuer lauding the breadth and depth of support the deal received. But factors including a disrupted calendar in April and borrower needs mean issuance is unlikely to rebound to levels seen at the start of the year – especially as event risk remains elevated.
ASFI hails industry consensus in key milestone for Australian sustainable finance taxonomy
The Australian Sustainable Finance Institute published the final recommendations report for the forthcoming local sustainable finance taxonomy on 27 March, lauding “broad consensus across the finance sector, industry, civil society and real economy actors” on its key design elements. The main evolution of the taxonomy during its design phase is greater demand that the document should be flexible to accommodate future priorities.