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National Wealth Management Holdings (National Wealth) (A+) returns to the domestic market with a A$120 million top-up to its August 2015 floating rate notes. The deal was twice oversubscribed and closed in an hour, mostly taken up by funds and middle market accounts. Mark Abrahams, director of debt syndicate at sole lead National Australia Bank, says National Wealth is well funded, and has not needed to approach the market since the 2015 line was last tapped in November 2010.
ANZ Wealth Australia (ANZ Wealth) (A+) debuted in the domestic market with a double-tranche of fixed rate and floating rate notes that drew mainly domestic investors. Approximately 75 per cent of the deal was invested locally with domestic asset managers as the biggest buyer. Private banks in Asia also provided a portion of participation with a take-up around 20 per cent.
Still troubled by European setbacks, Seek decided to pull its retail bond offer and the Australian market saw just one domestic transaction - from debut issuer ANZ Wealth - and one Kangaroo price late in the week. One deal priced across the Tasman as well, and New Zealand is expecting a rare asset-backed security after its launch this week.

KangaNews is pleased to announce the best performers in its second annual Fixed Income Research Survey, in which Australian investors were asked to recognise the performance of fixed income research across nine categories. Around 50 investment firms participated in the survey, representing the bulk of major institutional investment funds in the Australian market across the fund management, insurance and balance sheet sectors.

KfW Bankengruppe (AAA/Aaa/AAA) has launched its seventh Kangaroo transaction of the year with a tap to the 5.5 per cent February 2022 bond. The German development bank's last Kangaroo was a A$450 million (US$447.3 million) tap to its 5.75 per cent 2015 bond. The new notes will add to the A$750 million outstanding in the line and A$21.2 billion total outstanding in 12 maturities. Leads on the top-up are National Australia Bank and TD Securities.
The projected funding requirement faced by New South Wales Treasury Corporation (TCorp) for the 2012/13 financial year is, at A$10.7 billion (US$10.6 billion), identical to the target for the current year that was set in June 2011. TCorp figures say an increase in new client funding for 2012/13 – to A$7.6 billion from A$4.5 billion – and a reduced level of pre-funding will offset a significantly reduced refinancing requirement.
Ratings have been assigned to a new asset-backed security originated by Motor Trade Finances, the second non-mortgaged backed security issued in New Zealand dollars since the financial crisis. MTF Zephyr Trust 2012 has three tranches for provisional volume of NZ$100 million (US$77.16 million), with the security backed by motor vehicle receivables.
Issuers and intermediaries believe the introduction of legislation to support New Zealand's covered bond regime will help the country's banks develop their offshore investor base – both for foreign currency securities and, potentially, for NZD-denominated paper. While emphasising that New Zealand banks have not struggled to issue covered bonds under the existing, regulated system, market participants say a legal setup could add price tension.
Australian and New Zealand markets lay low for the week ending 8 June: activity included two new launches with a subordinated and an asset-backed security expected in the coming weeks although no transactions priced. The New Zealand and Kangaroo markets remained void of public primary market activity.