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National Australia Bank (NAB) revealed on November 19 that it has priced the refinancing of the class A2 notes of NAB's National RMBS Trust 2012-2 residential mortgage-backed securities (RMBS) issue with new, class A2-R, notes.

Following the Reserve Bank of New Zealand (RBNZ)'s decision to lower the official cash rate (OCR) by 25 basis points on December 10, analysts believe the reserve bank does not intend to cut further unless its hand is forced. However, the consensus appears to be that a near-neutral stance from the RBNZ will not last long into 2016 and that further cuts remain likely.

International Finance Corporation (IFC) (AAA/Aaa) priced a tap to its February 2021 Kangaroo bond on December 8. According to KangaNews data, the deal is the first increase to this line, which was introduced in July 2015 in a A$300 million (US$219.8 million) transaction with pricing of 56.75 basis points over Australian government bond.

South Australian Government Financing Authority (SAFA revealed on December 8 that its funding requirement for 2015/16 has fallen by A$500 million (US$363.1 million). The announcement, which revises SAFA's funding requirement for the current financial year to A$3.7 billion, marks another sign of easing issuance in the Australian semi-government sector.

KangaNews announced the winners of the house, deal and issuer categories in the KangaNews Awards for 2015 and participants at the Australian Securitisation Forum's annual conference shared further insights around the industry's new APS 120 draft. Elsewhere, deal flow was limited.

Speaking at Australian Securitisation 2015 – the annual conference of the Australian Securitisation Forum (ASF) – market participants confirmed that the revised draft regulatory regime for the industry marks a significant step towards a larger market for Australian issuers. The latest iteration of APS 120 was released on November 26, and the Australian Prudential Regulation Authority (APRA)'s Sydney-based general manager, Patrick Brennan, addressed the conference on December 1.

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Spark New Zealand (Spark) priced a new, seven-year, domestic issue on December 4. According to KangaNews data, Spark most recently issued in the New Zealand market in March, pricing NZ$100 million of seven-year bonds at 85 basis points over swap.

On December 2, Province of Manitoba (Manitoba) (AA/Aa2) priced a new, 10.5-year Kangaroo bond. According to KangaNews data, the deal is Manitoba's fourth Kangaroo-market foray for 2015.