AMP Bank RMBS upsize points to broadening demand
Broadening demand for residential mortgage-backed securities (RMBS) enabled the transaction priced by AMP Bank on August 24 to be upsized by A$300 million (US$312 million), the deal's arranger said. Participation by investors both domestically and offshore allowed the full capital structure to be placed and the Australian Office of Financial Management (AOFM) to be scaled out of the transaction entirely.
Suncorp prices Apollo Series RMBS transaction [UPDATED]
Suncorp Bank (Suncorp) has priced its first 2012 transaction in the residential mortgage-backed securities (RMBS) market on August 30 with its Apollo Series 2012-1 Trust deal. The deal launched August 27 with an indicative volume of A$750 million (US$780.7 million) across two rated and one unrated trances.
Broad demand features in IFC's Kauri return
The most recent transaction to price in the Kauri market attracted a diverse spread of demand from both domestic and international investors, sources connected with the deal tell KangaNews. International Finance Corporation (IFC) issued a new line of Kauri bonds on 21 August, pricing NZ$300 million (US$243.9 million) of fixed-rate notes maturing on September 5 2017.
Rentenbank expects marginal gains from proposed explicit sovereign guarantee
Rentenbank hopes the forthcoming formalisation of its guarantee from the German sovereign will help it to widen its investor base and add price tension to its curve in global markets, including in Australian dollars. But although the agency identifies some early tightening in its secondary spreads following the guarantee announcement, it is also realistic about the likely gains to be made from having an explicit sovereign guarantee.Deal and ratings review, week ending August 24 2012
Deal flow returned to the Australian market after a week-long hiatus with a diversity of borrowers comprising a Kangaroo, a pair of corporates and two banking sector transactions. The Australian securitisation market also saw deal action as a single trade priced, while across the Tasman one Kauri was issued.