Asian bid for AUD robust but access not always available
With activity in the domestic primary bond market slowing in recent days, attention has turned to the offshore bid for Australian dollar paper. While an Asian ownership connection to the most recent domestic corporate transaction did not significantly alter the strong local bias of recent corporate books, there are signs that the Kangaroo market is currently more dependent on Asia to drive deals than was the case at the start of the year.
CCPS's debut in RMBS markets completes for A$300 million [UPDATED]
The debut residential mortgage-backed securities (RMBS) transaction from Community CPS Australia (CCPS), which priced on April 7, was also the first Australian RMBS from a non-frequent issuer this year. The transaction, Barton Series 2011-1 (Barton 2011-1), reached its indicative volume of A$300 million (US$313.7 million) at the tighter end of its launch margin range.SocGen upsizes tap to floating-rate tranche of debut Kangaroo line [UPDATED]
Société Générale (A+/Aa2/A+) completed a A$400 million (US$413.4 million) increase to its existing October 2014 floating rate note (FRN) Kangaroo bond on March 31. The tap – which was upsized from a launch volume of A$200 million – adds to an FRN tranche which now has A$650 million outstanding and sits alongside the A$250 million fixed rate piece of the same line.CommBank returns to RMBS market with new A$3 billion transaction [UPDATED]
On April 6, Commonwealth Bank of Australia (CommBank) issued a A$3 billion (US$3.1 billion) residential mortgage-backed securities (RMBS) transaction, which was upsized from a launch volume of A$1 billion. It is the second RMBS to come from a domestic major bank this year and CommBank's first since 2007, although it did issue through its Bankwest subsidiary in November 2010.