Trans-Tasman synchronisation works for Fonterra as NZ momentum grows
New Zealand's bond market started the year on the front foot and its participants are bullish on the prospects for future supply. The most eye-catching deal to date has come from Fonterra Co-operative Group (Fonterra) which, despite the likely limited opportunities for other issuers to replicate the trans-Tasman transaction, is hailed by bankers for its innovative approach to maximising competitive tension in the New Zealand domestic market.
AOFM sells four-fifths of its holdings in AB notes after demand surge [UPDATED]
After the AB tranches in Bendigo and Adelaide Bank (BEN)'s recent Torrens Series 2014-1 Trust (Torrens 2014-1) were the most hotly-bid of the tranches offered, the Australian Office of Financial Management (AOFM) announced on February 28 that it has sold the bulk of its holdings of class AB notes of residential mortgage-backed securities (RMBS) tranches.
Bank AUD wholesale deal flow kicks off despite continued offshore appeal [UPDATED]
Financial institution (FI) deal flow in the Australian domestic market has started to pick up. It was slow to get off the mark in 2014, partly due to the competitiveness of offshore pricing. While bank funding executives agree that relative pricing between domestic and international options is little changed from the start of the year, solid investor appetite for Australian-dollar paper is drawing them to issue at home.
Offshore bid driving rejuvenated Kauri market
Improving demand for New Zealand dollar paper from offshore investors saw the World Bank price its largest – and the market's second largest ever – deal on February 18. The borrower and joint lead managers on the transaction point to significant offshore participation with a strong bid out of Asia as a main driver for the deals success.
Retired SMSF holders happy with low fixed-income holdings, new survey suggests
The results of a recent survey of retired self-managed superannuation fund (SMSF) trustees suggest these fund holders are broadly satisfied with an asset-allocation profile which affords little weight to fixed-income product. Meanwhile, although most of the surveyed SMSF investors hold at least some fixed-income assets – and more plan to do so – there appears to be little interest in annuities.