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Rentenbank (AAA/Aaa/AAA) priced an increase to its September 2022 Kangaroo line on July 22. According to KangaNews data, the line was first introduced at volume of A$250 million (US$185.4 million) in February this year, and pricing of 55.75 basis points over Australian government bond (ACGB). A further A$150 million was later added to the line in both March and April, with pricing of 53.50 basis points and 55.50 basis points over ACGB respectively.
Australia's major banks have raised a combined equivalent of A$12.8 billion (US$9.5 billion) in global markets in July to date, despite a prolonged phase of Greek-debt and Chinese-equity-market induced global volatility. Bank funders assess the accessibility of global markets during the period and share their predictions for fundamentals going forward.
KfW Bankengruppe (AAA/Aaa/AAA) priced the sixth increase of its February 2025 Kangaroo bond on July 22. According to KangaNews data, this line was first introduced in August 2014 at volume of A$450 million (US$334.2 million) and pricing of 57.50 basis points over Australian government bond (ACGB).
J.P. Morgan Chase (A/A3/A+) priced a new self-led 10.5-year Kangaroo transaction on July 23. According to KangaNews data, this is the first time the borrower has issued a deal in the Australian market since it priced a five-year dual-tranche transaction in December last year.
The debut transaction placed into the US private placement (USPP) market by Transurban Queensland highlights the fact that this most stable of markets is also enjoying its own positive evolution, the issuer and its agents say. While deal flow is unlikely to be revolutionised, USPP market sources say its value to a large swathe of Australasian corporate issuers is only increasing.
Easing market volatility and robust investor demand prompted ME to return to the domestic market with its first residential mortgage-backed securities (RMBS) deal of 2015. Timing was an important consideration, the issuer reveals, particularly given this deal's eventual pricing outcome.
Analysts' forecasts for the future direction of monetary policy are unaltered in the wake of the July 23 decision by the Reserve Bank of New Zealand (RBNZ) to reduce the official cash rate (OCR) to 3 per cent. While some say the RBNZ was not 'dovish enough' in its 25 basis point cut, they note a clear appetite for further easing.
ME priced a new Australian dollar residential mortgage-backed securities (RMBS) issue on July 21. The transaction, SMHL Series Securitisation Fund 2015-1, has a total volume of A$1,500 million (US$1.1 billion) across six tranches.