RBC
KangaNews DCM Summit bank treasurers webinar
One of the most popular annual sessions at the KangaNews Debt Capital Markets Summit is the big-four bank treasurers panel. There was no shortage of discussion topics at the 2020 videoconference iteration, even though the majors have had minimal wholesale issuance to do and there is little chance of a 2021 rebound.
New Zealand’s debt market gets ready to deliver
The KangaNews New Zealand Debt Capital Market Summit 2024 – which took place in Auckland on 11 September – delivered a report card on local market functionality and ability to deliver capital where it is needed. Participants discussed a raft of challenges including financing infrastructure and transition, and providing investors with diversity and liquidity. An improving economy and growing scale hold promise for the years ahead.
Tier-two demand gives Judo an eight-times oversubscription
Australian dollar investors' preference for the yield offered by tier-two issuance delivered overwhelming demand for Judo Bank’s latest deal. The book grew to more than A$1 billion despite the transaction’s subinvestment grade profile, facilitating a margin revision and final pricing 165 basis points tighter than the issuer’s previous subordinated debt print.
OMERS debut amplifies Canadian presence in Kangaroo market
OMERS Finance Trust is the latest issuer to join the cohort of Canadian high-grade names that have accessed the Kangaroo market. Despite debuting in an increasingly volatile market environment and during a quieter period for primary supply, the issuer achieved an oversubscribed orderbook and an upsized print. The Toronto-based issuer tells KangaNews about where Australian dollar funding fits into its strategy.
Mutual banks managing sector flux
The pace of change in Australia’s mutual bank sector is already dramatic and may be accelerating further. Speakers at the KangaNews Mutual Sector Wholesale Funding Seminar, which took place in Sydney on 29 August, shared perspectives on how the sector is adapting to these shifting currents and emerging challenges.
Kangaroo market’s destination Canada
Investor diversity, relative value and the growing status of the Australian dollar market lined up for a quartet of Canadian provinces as they shattered the record volume for the sector in Kangaroo format. The nearly A$5 billion issued in the span of a few weeks represents a sea change for provincial activity – but might be hard to repeat.