Offshore bid and favourable pricing support NZDM’s syndication splash
The NZ$4 billion volume of New Zealand Debt Management’s first syndicated transaction of calendar 2023 represents its largest deal since it was called on to fund the initial response to COVID-19 in 2020. The issuer credits offshore demand strength and a willingness to offer investors a compelling price for facilitating book and transaction volume.
Domestic bid specifics drive CBA’s tier-two tenor and structure
Commonwealth Bank of Australia leaned on domestic investors for its latest tier-two deal, which launched and priced intraday. The issuer says investor appetite drove the deal’s unusual tenor and fixed-to-floating rate structure.
Telstra print provides latest step back to corporate market functionality
Market participants are confident Telstra Group’s return to the Australian dollar market will be a catalyst for an issuance resurgence after a dry 2022. Deal sources note the extremely attractive price for the borrower and say the transaction’s five-year tenor is likely not the duration limit of demand in a newly buoyant market.
Demand holds up as NAB re-tests the waters for domestic tier-two
A comfortable oversubscription and price tightening greeted National Australia Bank’s return to domestic tier-two issuance on 1 March. The bank’s deal was the second domestic tier-two benchmark by a big-four bank in 2023 – the first at 10-year non-call five tenor – and achieved the tightest margin on this type of issuance since April last year.
ASIC turns the screws on greenwashing in enforcement push
Increased engagement with sustainability is leading to growing awareness of greenwashing risk – the potential for environmental credentials to be overstated or misrepresented. The Australian Securities and Investments Commission is prioritising greenwashing surveillance and enforcement, supported for the first time by a more coherent policy backdrop.
Read more: ASIC turns the screws on greenwashing in enforcement push