Australian securitisers avert disaster in EU regulatory overhaul
The outcome of new EU securitisation regulations that passed into law on 25 March is more positive for Australian issuers than was feared when the changes were first proposed, intermediaries say. Some challenges remain, but it now seems likely that the worst-case scenario – European investors being effectively precluded from participation in Australian-origin transactions – has been averted.
Read more: Australian securitisers avert disaster in EU regulatory overhaul
Consistent data required for labelled securitisation
The dearth of consistent data and reporting standards is likely the primary factor holding back green, social and sustainability-linked securitisation issuance in Australia, according to speakers at an Australian Securitisation Forum webinar. If such issuance did come to market it would likely be well received on the buy side.
Read more: Consistent data required for labelled securitisation
NRW.BANK’s social ambitions come to fruition
Developing a product that would work in the Australian dollar market was a stated goal of NRW.BANK when it put together its social-bond programme. In the wake of the issuer’s Kangaroo social-bond debut, its Düsseldorf-based head of investor relations, Frank Richter, discusses delivery of a new programme under pandemic conditions, Australian domestic investor engagement and Kangaroo pricing.
Fortescue rides iron ore and market sentiment in US dollar blockbuster
Fortescue Metals Group visited the US dollar high-yield market on 19 March, taking advantage of strong business and market conditions to secure a refinancing transaction. The issuer says its deal demonstrates the ongoing strength of the US dollar credit market amid continuing global rates volatility.
Name value helps WestConnex and Lendlease hit 10 years following shorter-dated trend
WestConnex Finance Company and Lendlease Group completed 10-year domestic prints in the same week even though the tenor of Australian corporate issuance had shortened in the preceding period. Deal sources say borrowers and transaction specifics helped convince investors to consider longer duration despite growing reflation considerations.