After hopefully overcoming the worst of the COVID-19 pandemic, the Australian securitisation industry is taking stock of a period of resilience and a reshaped competitive landscape. Top of mind for market participants are the way crisis response has changed the cost of funding unevenly for different issuer types and mooted changes to responsible-lending rules.
KangaNews is proud to announce the winners of the institutional and deal categories in the KangaNews Awards 2021. At the end of another hectic year in the Australian and New Zealand capital markets, KangaNews received votes from hundreds of market participants keen to recognise the achievements of 2021's most outstanding performers.
The KangaNews-Westpac Corporate Debt Summit debuted in 2011, with a relatively small audience and a market that could not yet take consistent supply of corporate bonds for granted. In the decade since, the event and the market have grown and diversified. By 2019 – the last year before COVID-19 put the in-person event on hiatus – registrations had more than trebled, to nearly 600, and the event’s agenda covered not just corporate debt but a raft of issues relevant to the economic and business environment.
Record issuance of Australian dollar securitisation in 2021 has been driven by nonbank names, with a significant contribution coming from the growth in issuance of nonmortgage asset-backed securities deals. In September, BNY Mellon and KangaNews gathered a predominatly female group of sector experts to discuss market outcomes and the outlook in the latest phase of the pandemic.
The Australian Office of Financial Management is encouraging lenders to find new investors for positions in warehouses it has held in the Structured Finance Support Fund established in response to COVID-19. While warehouse demand is robust, market sources say it could be tested as more supply hits the market.
In July, Commonwealth Bank of Australia and KangaNews conducted the second iteration of their annual environmental, social and governance survey of the Australian domestic fixed-income investor base. The survey was followed by an investor roundtable to discuss the findings and gain insight into the strategies behind the responses.