Tatts closes senior retail offer slightly short of target volume [UPDATED]
Tatts Group (Tatts) closed its senior retail bond transaction on June 29, with final volume, at A$194.7 million (US$199.8 million) marginally below the A$200 million initial target. The company announced on June 6 that it has set the deal's margin at 310 basis points over bank bill swap rate – the wider end of its 20 basis point marketing range.
Resimac returns to RMBS market with AUD and USD combined deal [UPDATED]
A new residential mortgage-backed securities (RMBS) transaction from Resimac priced on June 1, with the structure of the deal including both US and Australian dollar tranches. Premier Series 2012-1 closed at its inital volume of A$243 million (US$235.5 million) – spread across four tranches – and US$250 million in a single tranche.Second-ever Kangaroo RMBS deal prompts hopes for issuance prospects [UPDATED]
The issuer and leads of the most recent Kangaroo residential mortgage-backed securities transaction – just the second ever to come to market – say they hope the time taken to establish programmes and investor familiarity will be rewarded by future issuance opportunities. Both Kangaroos to date have been based on UK mortgages, and the UK continues to be seen as the most likely source of further deal flow.QTC 144A addition shows importance of primary investor participation
The addition of a 144A capability to Queensland Treasury Corporation (QTC)'s domestic bond programme demonstrates the increasing importance of accessing demand for bonds in the primary market, the treasury corporation says. And despite the intricacies of adding US market language to a domestic programme, QTC's arranger says more borrowers may choose to follow suit.
Deal and ratings review, week ending May 25 2012
The fourth week of May saw an uptick in asset-backed security launches, with one deal pricing this week. New Zealand kept busy with the announcement of the 2013 national budget while bond deal activity on both sides of the Tasman slowed.