The Australian securitisation industry and its international participants gathered – in record number – at the Australian Securitisation Forum’s annual conference in Sydney in early December 2024. Discussion topics took in the record year for new issuance, future capacity and alternative funding options, credit risk profiles and the economic outlook, and market function and liquidity.

The resources sector is a major driver of the Australian economy, at the frontline of climate transition – and underrepresented in the local capital market. In November, Fitch Ratings and KangaNews hosted a roundtable for issuers and investors to discuss the sector’s outlook and capex plans, as well as how transition is affecting both.

Housing availability and affordability is one of the most problematic areas of the Australian economy, bringing tremendous social costs and wider ramifications. A panel of experts discussed the issue at the KangaNews Corporate Debt Summit 2024, with the conclusion that the issue can probably only be fixed over a protracted period and with attention directed to the right areas rather than being distracted by political and media commentary.

Commonwealth Bank of Australia (CBA) made its debut in green tier-two format for its first euro deal in unsecured format since 2018. The issuer was rewarded with what it views as a clearly definable ‘greenium’, while also satisfying pent-up European investor demand outside covered bonds and continuing the bank’s build towards total loss-absorbing capacity.

The KangaNews-Westpac Institutional Bank Corporate Debt Summit 2023 took place in Sydney in mid-October. A record number of delegates gathered to discuss the present and future of the Australian corporate environment, from the economic outlook and business conditions to the forthcoming impact of generative AI. In the mix was a steady but unspectacular corporate bond issuance environment that belies fundamental growth in domestic credit.

The Australian Securitisation Forum’s 2023 annual conference attracted a record number of delegates – well over a thousand attended – and offered its most wide-ranging agenda ever. The securitisation industry has navigated higher rates and increasing global uncertainty well to date, with record volume printing in 2023 and a notable uptick in collateral diversity. The road ahead may be tricky but the market is facing it with confidence.

Energy transition will affect every nation, business and individual, and the scale of the task – and the resulting upheaval – is only now starting to become a stark reality. Fitch Ratings and KangaNews gathered Australian and New Zealand capital market participants representing the full power supply chain and the buy side to discuss with Fitch’s analysts what is coming down the pike.

On 1 November, Fitch Ratings hosted its inaugural Women in Credit event in Sydney to align with its core values of embracing diversity, equity and inclusion. More than 20 female institutional investors attended the event, hearing and commenting on Fitch analysts’ views on the geopolitical, business and finance landscape, and trends and challenges for the buy side to watch.

The publication of the 2023 Fitch Ratings-KangaNews Fixed Income Investor Sentiment Survey marks the 10th anniversary of this unique insight into the thinking of the Australian buy side. With a decade of data history now available, KangaNews has reviewed outcomes from across the years to identify trends and preferences that only emerge over time.

The 2023 iteration of the Fitch Ratings-KangaNews Fixed-Income Investor Sentiment Survey came at a major inflection point for credit and rates product, as investors provided responses in late March and early April – shortly after bank failures rocked global markets. The survey response suggests investors are more concerned about what these events portend for economies and markets than the direct risk of contagion.