Changing UK market helps Scentre build out its sterling curve
Scentre Group (Scentre) (A/A1) returned to sterling issuance on March 31, for the second time since the entity was created in June last year. The follow-up transaction has a notably shorter maturity than the first, a development which highlights a notable change in the UK investment landscape according to issuer and leads.
Fixed-income disfavouring taxes up for discussion in white paper process
The first stage of Australia's tax white paper process suggests the two tax breaks believed to be most responsible for driving local investors away from income assets are both up for discussion. In context, though, the tax discussion paper released by government on March 30 is a wide-ranging document which requests feedback rather than making early recommendations.
RBA's Debelle: electronic trading may revive market making in fixed income
The effect of reduced market-making capacity in fixed income – both in Australia and globally – is an intended consequence of banking regulation, the Reserve Bank of Australia (RBA) confirms. However, speaking at the KangaNews DCM Summit in Sydney, RBA assistant governor, financial markets, Guy Debelle, says he believes developments that are currently in their infancy may act to mitigate the impact of constrained bank trading books over the coming years.
Australian market meets the brief for its largest-ever corporate issuer
Investors say the outcome achieved in the Australian dollar market's joint largest non-financial corporate transaction shows that, despite claims to the contrary, sizeable volumes can be placed without execution risk. They also note that a softer sector-specific market backdrop has not affected demand, although they say the tone might be marginally reflected in pricing.
Offshore demand for New Zealand dollars evolves in 2015
New Zealand market participants are positive about the state of international demand for local-currency assets, which is supported by global low yields and competitive pricing. They suggest that a shift in deal flow seen over the first two months of the year reflects New Zealand's strong fundamentals.