Domestic capacity growth makes NAB's green-bond debut possible
The development demand for green assets by Australian real-money funds allowed National Australia Bank (NAB) to achieve its goal of debuting as a green-bond issuer in the domestic market. As with Australia's only previous green-bond deal, NAB achieved investor diversity in its book at pricing in line with the issuer's outstanding, non-green bonds.
TCorp expects renminbi to feature in future funding mix following debut
As the debut Australian sovereign or semi-government issuer of renminbi-denominated bonds, New South Wales Treasury Corporation (TCorp) says it is firmly committed to playing an instrumental role in the continued development of the renminbi market. Although the deal itself was small in the context of TCorp's funding requirement, the issuer says it expects the significance of the renminbi to grow in the coming years.
RMBS ratings preference shift may be temporary, market users say
Perceived uncertainties around the lenders' mortgage insurance (LMI) methodology deployed by Standard & Poor's Ratings Services (S&P) appear to have changed Australian issuers' ratings preferences on residential mortgage-backed securities (RMBS) deals, and may have caused a deal-flow hiccup. The most recent pair of RMBS deals – from Beyond Bank and AMP Bank (AMP) – came to the market without a rating from S&P.
AOFM on sidelines of RMBS market as demand grows
The repeal of the legislation that underpinned the official direction given to the Australian Office of Financial Management (AOFM) by government leaves it unable to conduct transactions in its residential mortgage-backed securities (RMBS) portfolio – despite apparent demand from third-party investors.