Scentre sets a curve in one move – but leaves room for more issuance
Scentre Group (Scentre) (A/A1) – the entity formed out of the old Westfield Retail Trust (WRT) and Westfield Group (Westfield)'s remaining assets in Australia and New Zealand – has quickly established a bond curve, placing €1.6 billion (US$2.2 billion) and £400 million (US$685.3 million) in a four-tranche deal on July 8. The transaction does not fully refinance a substantial bridge facility entered by the issuer, though Scentre tells KangaNews there is no rush to return to capital markets.
KfW introduces green-bond programme but Kangaroo issuance may have to wait
KfW Bankengruppe (KfW) – the Kangaroo market's largest single issuer – introduced its green-bond programme on July 7. However, the prospect of KfW following World Bank into issuance of the product in the Kangaroo market seems to be a longer-term one, as the agency tells KangaNews it expects to debut in euros and plans initially to concentrate on that market and US dollars.
NZDMO updates on its funding strategy following NZ$2 billion syndicated deal
Despite significant demand for its latest syndicated deal, the New Zealand Debt Management Office (NZDMO) confirms it has no plans to update its tender schedule. The NZDMO priced the syndicated offer of a new 2027 maturity benchmark bond line on July 2, reaching its previously announced maximum volume of NZ$2 billion (US$1.8 billion).
Australasian markets solid but unspectacular in H1 2014, KangaNews's issuance data show
Issuance data for the first half of 2014 paint an unspectacular picture of most Australasian markets so far this year. Volume in most sectors has been solid in comparison with the same point a year ago but, of the markets KangaNews tracks, only Kauri deal flow was on pace for an annual record by the end of June.
High AUD discussed but RBA decision analysis remains 'nothing to see here'
Following yet another uneventful Reserve Bank of Australia (RBA) rates decision on July 2, analysts have been left searching for crumbs in a reserve bank statement which is universally interpreted as nearly identical in tone to its June equivalent. The strong Australian dollar features in many analysts' post-decision reports, but the consensus expectation is that the period of rates stability in Australia is likely to be protracted.