BNZ’s domestic return hits issuer and investor tenor preference
Bank of New Zealand chose two-year tenor for its first domestic benchmark deal of the year to meet institutional investor preference in a turbulent market and to fulfil a specific balance-sheet management goal of its own. While bank supply may continue to be limited in New Zealand, there is a degree of optimism that volatility should not block the corporate issuance pipeline.
Covered bonds provide Australian majors path back to benchmark issuance
Rising geopolitical and inflation risks created turbulent market conditions in March, leading Australia’s big-four banks to push on with their funding tasks via covered-bond issuance. Three of the majors and one of their New Zealand subsidiaries issued covered bonds in recent weeks, targeting euro or sterling.
Retail helps Genesis execute green bond amid volatility
Genesis Energy focused on rapid execution in its latest use of proceeds green bond to negate elevated volatility. Retail demand held up as the institutional market became skittish, allowing Genesis to close the transaction with acceptable pricing and volume.
Kangaroos hop out of the blocks in 2022
Supranational, sovereign and agency Kangaroo issuance started the new year at record pace and by late February remained on course for the busiest start to the year for a decade. Market users say a raft of supporting factors has made deal flow possible for a notably wide range of issuers and share a cautiously optimistic outlook for the rest of 2022.
Jumbo deals keep Australian securitisation market on record pace
Resimac pivoted to an Australian dollar-only structure for its first securitisation of the year. Deal sources say the domestic market retains capacity to support structured finance – at the right price – despite an increasingly turbulent macro backdrop.