Granular book underpins Telstra's domestic return
On November 8 Telstra Corporation (Telstra) (A/A2/A) returned to the domestic market with a new five-year, A$750 million (US$779.9 million) benchmark line. Lead managers say the deal – which was upsized from a launch volume of A$500 million – was supported by a strong international bid and numerous domestic accounts.
Issuer hopes AMIT capital deal could lead to pooled mutual funding
A capital transaction priced on November 5 by a group of Australian mutual authorised deposit-taking institutions could lead to future pooled funding deals, the group hopes – including in senior unsecured and covered bond format. The new deal, issued by the Australian Mutual Investment Trust (AMIT), will re-finance lower tier two debt issued by 17 mutuals in 2006.
AOFM exploits safe haven demand to lengthen CGS curve in 2011/12
The Australian Office of Financial Management (AOFM) published its annual report for the 2011/12 financial year on October 30, which the agency used as an opportunity to highlight strong demand, tightening yields and extended tenor as key successes for the Commonwealth government securities (CGS) market over the period. The AOFM says 10-year Treasury bond yields declined by more than 200 basis points during 2011/12.
UBS says core Australian debt business not affected by global restructure
A wave of significant changes to the global UBS Investment Bank (UBS) business that are the basis of an expected 10,000 reduction in headcount do not affect the Australian operation, the bank says. A spokesperson tells KangaNews the Australian business is already structured in line with global goals, so moves which already include the shuttering of UBS's supranational, sovereign and agency (SSA) business in London do not necessitate changes locally.
Broad and deep demand greets NZDMO's linker return
The New Zealand Debt Management Office (NZDMO) says it was pleasantly surprised by the demand its return to inflation-linked issuance received, which included substantial European participation. The transaction's lead managers reveal that the NZ$2.5 billion (US$2.1 billion), 2025 issue attracted a final order book of around NZ$4.3 billion.