APRA keeps focus as mortgage-lending oversight remains a work in progress
The Australian Prudential Regulation Authority (APRA) gave an update on its review of lending practices in the housing market on February 25. The regulator emphasised the supervisory, rather than prescriptive, nature of its oversight – and stressed that it does not believe it has a mandate to influence the outright level of house prices.
Post-deal insights: volume surge may test RMBS market capacity
The most recent issuer to price a residential mortgage-backed securities (RMBS) transaction in the Australian market reveals a wider investor base for its latest deal even than its jumbo transactions from 2014. Hints that 2015 volumes may exceed previous years may be supported by early-year issuance activity, the latest deal's lead manager says – but the true level of market capacity is yet to be tested.
Queensland election: an object lesson in not counting chickens
Analysts have started responding to the shock result in Queensland's January 31 election, which saw the standing Liberal-National government's massive majority wiped out in one swoop. They expect a clear market response to an expected change in policy direction, but see a less significant credit impact.
Positive demand factors driving record Kauri volumes
A constructive tone in the Kauri market drew four supranational, sovereign and agency (SSA) issuers to place deals in January 2015. Deal volume added up to NZ$2.1 billion (US$1.6 billion) – a monthly record for the Kauri asset class – and market participants highlight encouraging demand trends behind the flow.
ANZ's new tier-two angle suggests a new market may provide cheapest offshore option
ANZ Banking Group (ANZ) opened the door to a new jurisdiction for tier-two issuance on January 21. The bank and its leads tell KangaNews about a pricing outcome which suggests this new issuance option might provide the best tier-two economics for Australian banks after their domestic market – and with volume which moves the dial on the total requirement.