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Ampol’s recent hybrid transaction has fuelled expectations of further subordinated-debt issuance. While a handful of corporate-hybrid transactions have been issued since September 2020, deal sources say the latest transaction could be a promising sign of a more stable market.
Thinktank Group will target mid-year execution for its next commercial mortgage-backed securities deal, reshaping its issuance programme to make way for further residential mortgage-backed deals. The change will also provide greater flexibility to judge market conditions, according to the borrower.
Australian market activity for the week ending 26 November featured a handful of credit deals, notably Ampol's hybrid transaction return, as well as Thinktank's commercial mortgage-backed securities print.
World Bank’s successful placement of a record-sized Kauri transaction – in sustainability-development format – is a positive sign for market evolution, according to deal sources. The NZ$1.5 billion deal, upsized from its initial NZ$300 million, printed despite a challenging rates environment.