Half-year league-table roundup: all the movers and shakers
With the first half of 2015 now in the rear-view mirror, KangaNews is pleased to reveal its intermediary league tables for the first six months of the year. Most of the contenders are well established, but the first half also saw some notable movement from full-year 2014.
Post-auction insights: nothing to fear from AOFM RMBS sale results
Securitisation market sources say they are not concerned about the failure of the first auction of Australian Office of Financial Management (AOFM) residential mortgage-backed securities (RMBS) to clear. In fact, intermediaries tell KangaNews the first auction has done nothing to shake their view that the divestment process will be positive for the overall market.
WA treasurer tells investors state economy, not ratings demands, is its focus
The treasurer of Western Australia (WA), Mike Nahan, told an investor and dealer panel lunch in Sydney on June 12 that the long-term good of the state economy outweighs near-term demands of rating agencies – which are likely to be satisfied in the coming years, anyway. The state government is doing what it can to improve its budget position, Nahan, says, within the bounds of easing a major economic transition.
Post-deal insights: first new-style Kangaroo tier-two issue shows Australia's continued evolution
Issuer and intermediaries say the first-ever Basel III compliant tier-two Kangaroo transaction shows institutional investors have reached a level of comfort with new-style instruments sufficient to enable further evolution of the product. Other offshore borrowers may be circling although market participants say other routes to issuance may be more appropriate for many.
AOFM details RMBS divestment auction process and prepares first sales
The Australian Office of Financial Management (AOFM) released an operational notice on June 10 which sets out the process by which it will auction its holdings of residential mortgage-backed securities (RMBS). Shortly afterwards, the AOFM also disclosed details of the first and second planned sales under its divestment programme, which are due to take place on June 24 and July 14.