High society – Australian securitisation welcomes another debutant
SocietyOne’s debut public asset-backed securities prioritised transaction quality and execution certainty over volume, according to the borrower. The nonbank lender joins a growing cohort of personal-loan originators in the term securitisation market, and says it plans to increase volume in subsequent deals.
CBA re-enters term funding with US dollar deal
Commonwealth Bank of Australia ventured to the US dollar market for its first term benchmark transaction since January 2020. The issuer says managing its maturity profile was a key reason for returning to term funding, even as deposit growth remains robust.
People’s Choice eyes greater market presence with new debt programme
People’s Choice Credit Union printed a debut deal from its new debt-issuance programme on 7 September, in tier-two format. The issuer also now has the option to issue public senior-unsecured debt alongside its established securitisation programme.
NAB taps sterling market for tier-two diversification
National Australia Bank says its decision to tap the sterling market for tier-two paper – just the second transaction from an Australian bank in this market since the finalisation of Australian bank capital rules – supports the opening of an important pool of additional-capital funds in the runup to the new capital rules’ 2024 deadline.
CIBC scores covered-bond pricing record
Canadian Imperial Bank of Commerce Sydney Branch (CIBC) printed a five-year covered bond at all-time low pricing on 7 September, netting its largest-ever Australian dollar volume. The issuer says the deal benefited from participation of new investors as well as larger bids from its existing base.