Woolworths accesses insurance market for innovative syndicated bank-guarantee facility
Woolworths has completed a A$400 million (US$351.5 million) transaction in relation to its Work Cover contingent obligations, accessing the capital markets as its ultimate investor base. The transaction is believed to be the world's first syndicated bank-guarantee facility placed exclusively with global insurance companies, and deal sources say it highlights the potential for deals of this type to free up bank credit lines for corporate borrowers.
Read more: Woolworths accesses insurance market for innovative syndicated bank-guarantee facility
Wesfarmers goes the euro route but domestic option came close
In the wake of its third euro transaction, Wesfarmers tells KangaNews that the decision to issue offshore was made on the basis of execution certainty despite a softer European backdrop. Even so, the borrower says the decision to issue euros was a close call over returning to the Australian dollar market.
Glencore debut reinforces relevance of Australian market for global names
The largest true-corporate bond issue in the Australian domestic market for nearly a year reinforces Australia's position in the funding toolkit for global credit issuers, lead managers say. This is also demonstrated by the fact that the average number of investors participating in these transactions is growing.
Read more: Glencore debut reinforces relevance of Australian market for global names
Door opens for Resimac to bring New Zealand's first RMBS deal in four years
A shift in long-held domestic investor attitudes towards securitisation product, at least partly owing to the growth of KiwiSaver, paved the way for New Zealand's first residential mortgage-backed securities (RMBS) issue in four years, the deal's issuer and lead manager say. This sea change is also aiding participation further down the capital structure than ever before.
RBNZ on hold, back to neutral and in no hurry to lift, analysts say
After four consecutive rate hikes the Reserve Bank of New Zealand (RBNZ) left the official cash rate (OCR) on hold at 3.5 per cent at its September meeting, which was held shortly in advance of New Zealand's general election. Analysts were universally expecting the pause and the consensus is now that will be on hold until at least March.