National Australia Bank
Australia’s credit market has seen a pickup in supply of capital instruments, including a clutch of corporate hybrid transactions. The KangaNews Debt Capial Markets Summit 2020 webinar series included a session on additional capital, which focused on supply dynamics, demand drivers and the ever-present tension between retail, wholesale and true institutional participation.
On 17 May, Liberty Financial (BBB- by S&P) mandated Deutsche Bank, National Australia Bank and Westpac Institutional Bank to explore a potential Australian dollar denominated curve-extension transaction.
China Everbright Bank Sydney Branch (China Everbright Sydney) (BBB+/Baa2/BBB) began taking indications of interest for a potential new three-year, Australian dollar denominated, senior-unsecured, floating-rate note, benchmark transaction on 17 May.
On 13 May, Wisr began taking indications of interest for its debut consumer and personal loans asset-backed securities (ABS) deal, Freedom Trust 2021-1. The transaction is capped at A$225 million (US$173.6 million) and is expected to launch in the week beginning 17 May. National Australia Bank is arranger.
Intermediaries say factors including record pricing and the imminent end of the term funding facility supported a frenetic period of nonbank securitisation issuance from mid-April to early May. Deal flow was well absorbed by a market that has been undersupplied with new credit issuance.