Australia’s securitisation market has maintained deal volume at a level in line with outcomes from recent years despite massive upheaval to the supply and demand picture in 2020. In particular, bank issuers have been all-but absent this year. A particularly active September and October for new issuance kept annual volume robust.

Woori Bank printed its first COVID-19-recovery Kangaroo sustainability bond on 22 October. Deal sources say earlier successful transactions from Korean-based issuers this year persuaded the bank to come to the Australian dollar market.

On 14 October, Woori Bank (A/A1) launched its inaugural Kangaroo, three-year, COVID-19-recovery sustainability-bond transaction, offered in either or both fixed- and floating-rate note formats. The forthcoming deal is being marketed at 80 basis points area over swap benchmarks, according to lead managers MUFG Securities, Nomura and Westpac Institutional Bank.

Australia’s securitisation market has maintained deal volume at a level in line with outcomes from recent years despite massive upheaval to the supply and demand picture in 2020. In particular, bank issuers have been all-but absent this year but a particularly active September for new issuance kept annual volume robust.

On 6 October, South Korea-based Woori Bank (A/A1/A-) revealed plans for a potential 3-4 years, senior-unsecured, COVID-19-recovery sustainability-bond Kangaroo. MUFG Securities, Nomura and Westpac Institutional Bank have been mandated to arrange investor calls beginning 7 October.

Resimac launched its dual-currency residential mortgage-backed securities (RMBS) deal, Premier Series 2020-1, on 21 September. Indicative total volume for the deal is A$750 million (US$542.2 million) equivalent, with the potential to upsize. The transaction is expected to price on 24 September.