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The last full week of September rounded off as the first week of the month began, with consistent dealflow. Aside from a raft of new and increased SSA Kangaroo transactions, the Australian Office of Financial Management placed its fourth syndicated linker while across the Tasman Sea, Christchurch International Airport brought the first corporate deal in retail-format to the New Zealand market since May.
The Australian Office of Financial Management (AOFM) says it saw strong support from offshore investors for its syndicated inflation-linked bond issue priced September 26. The development of an offshore primary bid for AOFM linkers has steadily increased from previous transactions.
On September 27, Christchurch International Airport (Christchurch Airport) (BBB+) priced a new retail-format transaction into the domestic market.
The Australian Office of Financial Management (AOFM) (AAA/Aaa/AAA) priced a A$2.1 billion new inflation-linked bond on September 26.
On September 25, BNP Paribas Australian Branch (BNP Paribas Australia) (A+/A+/A2) priced a new four-year Australian dollar line.
On September 25, Inter-American Development Bank (IADB) (AAA/Aaa/AAA) priced its seventh Kangaroo deal of 2013, but the first to come at a five-year maturity.
KfW Bankengruppe (KfW) (AAA/Aaa/AAA) priced an increase to its August 2017 Kangaroo on September 24, in a transaction which will add to the A$1 billion already on issue in the line and the A$2.8 billion of Kangaroos KfW has already issued this year. The agency's August 2017 Kangaroo was introduced in a A$650 million deal last year and has previously been increased once, in November.
Provisional ratings have been assigned to a new residential mortgage-backed securities (RMBS) transaction from Westpac Banking Corporation (Westpac), on September 23. Westpac's Series 2013-2 WST Trust – a securitisation of prime residential mortgages – has a provisional volume of A$750 million (US$706.7 million) across three tranches.
This week saw deal activity slow to a virtual halt while financial markets awaited the tapering announcement from the US Federal Open Market Committee. Only two deals priced during the week, a new five-year from Rabobank Nederland Australia Branch and a debut bond issue from Cash Converters.