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ME, the new name for ME Bank, disclosed on June 5 that it will meet investors to update on the SMHL residential mortgage-backed securities (RMBS) programme – with a potential Australian dollar deal to follow. According to KangaNews data, ME has not issued RMBS for nearly a year, most recently pricing a A$1.45 billion (US$1.11 billion) SMHL transaction in July last year.
Energy Partnership Gas (Energy Partnership) (BBB-/Baa3) priced a new five-year fixed-rate senior-unsecured deal on June 4. The announcement follows a series of Australian dollar debt investor update meetings undertaken by the borrower in the week beginning May 11.
Dexus Wholesale Property Fund (DWPF) (A) launched and priced a new seven-year fixed-rate senior-unsecured domestic deal on June 4. The forthcoming deal priced in line with indicative pricing of 130 basis points over semi-quarterly swap.
KangaNews is pleased to present the results of this year's Fixed-Income Research Poll: the only independent poll of fixed-income investors' views on relevant research in the Australian market. This year's poll saw a record response from qualifying institutional investors, and a strong degree of consistency in the results.
Australian buy-side demand for higher-yielding debt has been evident for some time but market technicals have inhibited participation, market participants insist. The presence of a substantial local bid for the first local-currency denominated term loan B (TLB) facility for an Australian issuer could see this change.
On June 4, Rabobank Nederland (A+/Aa2/AA-) disclosed that it is preparing to embark on a series of debt investor meetings in Australia and Asia commencing on June 8. The meetings will explore a potential tier-two transaction which, if it comes to fruition, would likely be the first such deal in the Kangaroo market since Wachovia Bank priced A$400 million (US$311.2 million) of 10-year bullet subordinated bonds in May 2007.
The attractiveness of the New Zealand market to offshore buyers enabled Rabobank Nederland New Zealand Branch (Rabobank New Zealand) to issue its first local deal in listed format. As the first financial institution to execute a deal in this way in New Zealand, the issuer reveals the extent to which this execution method unlocked demand.
Rabobank Nederland New Zealand Branch (Rabobank New Zealand) (A+/Aa2/AA-) priced a new five-year issue of up to NZ$200 million (US$142.4 million) in the New Zealand market on June 3. The transaction is in listed format, and as such it was eligible for marketing to offshore investors without the approved issuer levy.
A lack of any explicit forward guidance by the Reserve Bank of Australia (RBA) at its May monetary policy meeting defied widespread expectations for the reintroduction of an easing bias. The bank changed firmly into neutral gear, analysts say, when it left the cash rate on hold at 2 per cent at its meeting on June 2.