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ING Bank Australia (ING) issued a new residential mortgage-backed securities (RMBS) deal on November 11. The deal, which achieved its indicative volume of A$750 million (US$760 million) across five tranches, is ING's third Australian RMBS issue. The borrower's most recent securitisation was issued in June this year at a size of A$800 million.

Philip Combes, treasurer at the New Zealand Debt Management Office (NZDMO) in Wellington, has been appointed the first chief executive officer of New Zealand's Local Government Funding Agency (LGFA). In a statement announcing his appointment, Combes – who will take up his new role early in 2012 – says he expects the LGFA "to be the second largest issuer in New Zealand's debt markets".

The week beginning November 7 saw a pickup in deal flow across all Australian public markets. After several weeks with no primary activity, the market saw the first semi-government transaction since September and the first Kangaroo deal in two weeks. Two securitisation deals also priced, while two issues were completed across the Tasman.


Issuer name: Bank of New Zealand

Northern Territory Treasury Corporation (NTTCorp) (Aa1) launched and priced a new fixed rate November 2017 domestic transaction on November 9. The new A$500 million (US$517.9 million) deal almost completes the semi-government's annual funding task of A$796 million, and follows on from a A$200 million issue pricing on September 2.

The Australian Prudential Regulation Authority (APRA) released a consultation document on November 8, setting out both its proposed full prudential standard for covered bonds and a tightening of rules on cross-bank holdings of subordinated securitisation tranches. APRA expects its full rules relating to covered bonds to come into effect in the first quarter of 2012.

Macquarie Leasing (Macquarie) completed its fourth offshore currency asset-backed securities (ABS) transaction this year on November 11. The A$553.8 million (US$561.4 million) deal has with most of its paper – US$500 million – denominated in US dollars.

Goodman Australian Industrial Fund (GAIF) (BBB) made its inaugural US private placement (USPP) issue on November 4, selling a total of US$300 million of 10- and 12-year notes in a National Australia Bank-led deal. The issue was divided almost evenly between its two tranches, with US$158 million of 5.26 per cent 10-year notes and US$142 million of 5.41 per cent 12-year notes placed.

The issuer and lead managers of Wesfarmers' (A-/Baa1) recent A$500 million (US$519.4 million) domestic deal say the transaction's success illustrates the fact that real money investors have not changed their fundamental demand for Australian true corporate credit despite volatile markets. More than 40 investors participated in the October 31 deal, which was upsized by A$200 million.

Following on from last week's reopening of the market, the week ending November 4 saw another Australian non-financial corporate transaction. Across the Tasman, a new forthcoming retail corporate deal was announced on November 2 although the transaction has yet to be formally confirmed.