RBNZ cuts again – and increasingly dovish tone noted
As was widely expected by analysts, the Reserve Bank of New Zealand (RBNZ) cut the official cash rate (OCR) by 25 basis points, to 2.50 per cent, on September 10. Analyst commentary focuses on the fact that the RBNZ maintains an easing bias, though most believe the reserve bank remains in "data watch mode".
Post deal insights: diversification brings Auckland Council to Australia as pricing swings in favour
Auckland Council cites a need for funding and investor diversification in its growing debt profile as the main attraction to issue its debut public Kangaroo deal on September 2. Distribution data provided by the deal's leads reveal the support of a substantial Asian bid.
Teachers Mutual pioneers all-green wholesale debt funding programme
Teachers Mutual Bank (Teachers Mutual) has become the first Australian financial institution to have its entire wholesale debt issuance programme certified as ethical. In response to increased interest in ethical investment options, the bank says, it sought ethical certification from the Responsible Investment Association of Australia (RIAA) for its A$500 million (US$368.1 million) debt issuance programme.
Deal insights: Big Apple comes to Australia
Apple's (AA+/Aa1) record-breaking Australian issue significantly surpassed expectations by a long way, market participants say. Not only is the transaction the largest-ever corporate deal in the Australian market, but it did not disrupt primary flow elsewhere and was able to attract a wealth of demand despite, investor sources say, not offering bargain pricing.
Deal insights: SABMiller impressed by Australian market capacity
The latest offshore corporate issuer to debut in the Australian market says local capacity exceeded its expectations. Meanwhile, intermediaries insist that recovering spreads are supportive of a growing new-issuance pipeline.