Latest News
On October 29 the Australian Office of Financial Management (AOFM) announced the sale of some holdings of residential mortgage-backed securities (RMBS) issued by ING Bank Australia in 2011 and 2012. The AOFM tells KangaNews the sale was conducted in order to assist secondary market price discovery.
Lead managers on Adani Abbot Point Terminal (AAPT)'s debut domestic issue say market advancements have led triple-B issuance volumes in the credit space to swell to sizes that were almost unimaginable previously. And while investors believe the volume of its debuts means AAPT itself might struggle to come back to the market in the near future, they agree that its achievements are overwhelmingly positive for the domestic market.
On October 25, Nordic Investment Bank (NIB) (AAA/Aaa) priced an increase to its February 2024 Kangaroo issue. According to KangaNews data, this is the first increase of the line which was introduced in August this year.
Healthy issuance continued in the last full week in October, with the Australian market seeing transactions from semi-governments, banks, rated and unrated corporates, and a non-bank securitisation. Meanwhile the uptick in corporate issuance in New Zealand continued as two more deals priced.
Australian Financial Group (AFG) priced its second residential mortgage-backed securities (RMBS) issue of 2013 on October 24. AFG 2013-2 Trust has a four -tranche structure and matched its indicative aggregate volume of A$300 million (US$289.8 million).
Treasury Corporation of Victoria (TCV) and Western Australia Treasury Corporation (WATC) both priced public deals in quick succession on October 21 and 22, with significant oversubscription. Both issuers cite the desire to build a curve and strong investor demand for the decision to return to the market. But they add that further issuance depends on how market conditions develop.
On October 23 the Australian Office of Financial Management (AOFM) revealed updated planned issuance of Australian Commonwealth government bonds (CGS) in the current financial year. The issuance schedule has been revised in light of an A$8.8 billion (US$8.6 billion) grant the Australian government has awarded to the Reserve Bank of Australia (RBA).
On October 23, the International Finance Corporation (IFC) (AAA/Aaa) priced an increase to its August 2023 Kangaroo line. According to KangaNews data, the tap is the first increase of the line which was introduced on August 7 this year.