NAB meets offshore demand for covered bonds with US$1.5 billion issue
National Australia Bank (NAB) (AA-/Aa2/AA-) has prefunded US$1.5 billion for financial year 2013 by printing a dual-tranche covered issue on September 20, on the back of "solid" reverse enquiry.
Liberty Financial prices new auto-backed securitisation [UPDATED]
Liberty Financial's Liberty Series 2012-1 Auto has priced its second asset-backed security (ABS) deal of 2012 following a residential mortgage-backed (RMBS) transaction in July. A Moody's Investors Service report released on September 21 said the deal is a securitisation of "of auto loans extended to prime and non-conforming consumer obligors located in Australia".
Handelsbanken subsidiary Stadshypotek prices debut Kangaroo covered bond [UPDATED]
Stadshypotec has priced its debut covered bond into the Kangaroo market in the form of a five-year benchmark. The deal will be the first Kangaroo covered bond since Canadian Imperial Bank of Commerce last issued, in July 2011, and the second ever Nordic Kangaroo covered bond following DNB Nor Boligkreditt's debut in June last year.
MetLife's leads highlight strong domestic demand for FA-backed deal
Lead managers on the debut Kangaroo transaction issued by Metropolitan Life Global Funding (MetLife Funding) say the deal attracted strong demand from Australian real-money investors attracted by the credit-enhanced structure of a funding agreement (FA)-backed issue. However, they are hesitant to predict that the deal will trigger a full-scale revival of the Kangaroo market for US financial institutions (FIs).
MetLife prices debut Kangaroo in market's first FI deal since July 2011 [UPDATED]
In its debut issue in the Kangaroo market, Metropolitan Life Insurance Company (MetLife) (AA-/Aa3/AA-) priced a new A$500 million (US$523.4 million) five-year transaction on September 19. According to KangaNews data, the deal, launched on September 18, is the first non-bank financial institution (FI) Kangaroo since Swiss Re placed a hybrid issue in April 2007.