NZDM announces unchanged funding requirement for 2021/22
On 20 May, following the government’s budget update, New Zealand Debt Management (NZDM) confirmed a NZ$30 billion (US$21.5 billion) borrowing requirement for the 2021/22 financial year – unchanged from its half-year economic and fiscal update from late 2020. NZDM also confirmed that its 2020/21 funding task remains at NZ$45 billion.
Barclays slips into window of opportunity for offshore FIs
The weeks prior to the end of the Reserve Bank pf Australia’s term funding facility offer a window of opportunity for offshore financial institutions to execute Australian dollar deals before technical conditions potentially change, lead managers. A recent Kangaroo from Barclays provides a compelling case study.
Domestic balance sheets extend duration for new LGFA deal
New Zealand Local Government Funding Agency (LGFA)’s new 10-year deal shows signs of a longer-duration bank balance-sheet bid in the local market, a development the issuer says is encouraging for other borrowers seeking longer-tenor debt.
ASB Bank doubles down on wholesale market re-entry
ASB Bank has re-entered the wholesale funding market for the first time since the COVID-19 pandemic began with a brace of new deals. The New Zealand dollar senior and euro covered bond transactions were well supported and indicate a robust investor view on New Zealand credit, the borrower says.
Nonbank securitisation bonanza ahead of TFF end
Intermediaries say factors including record pricing and the imminent end of the term funding facility supported a frenetic period of nonbank securitisation issuance from mid-April to early May. Deal flow was well absorbed by a market that has been undersupplied with new credit issuance.