AusNet hybrid kicks off international Australian corporate issuance for 2021
AusNet Services Holdings printed a euro hybrid deal on 2 March which exceeded demand and pricing expectations. The borrower has a strong presence among euro investors that allowed the focus during execution to be on deal specifics rather than issuer credit – and paved the way for a jumbo book, leads say.
Read more: AusNet hybrid kicks off international Australian corporate issuance for 2021
No false moves
The Australian sovereign and semi-government bond market faced game-changing challenges in 2020. Greatly increased issuance requirements seem baked in for the foreseeable future, but those most responsible for distributing and trading the bonds appear relatively confident that – despite resumed volatility in late February – the market is set up well for the pandemic end game.
RBA flexes bond-purchase approach but sticks to settings
The Reserve Bank of Australia kept all its policy measures on hold at its March monetary policy decision, despite markets turmoil over the preceding weeks. The reserve bank has taken the opportunity to act flexibly within its mandate but does not appear to be excessively concerned about the market activity – which has centred on a significant bond sell-off.
Buy now, upside later for Afterpay’s convertible bond
Afterpay printed a blockbuster convertible bond on 26 February with a zero coupon and 45 per cent discount to the conversion price. Afterpay’s leads say issuance of convertibles by Australian companies has been in a relative purple patch and the latest deal should further stimulate interest – though they do not expect a convertible-bond deluge.
KangaNews Awards 2020: Market People of the Year
The KangaNews Market People of the Year are the individuals who voters in the KangaNews Awards 2020 believe went above and beyond their roles to contribute to the development of the Australian and New Zealand debt markets. There are no restrictions on the firms, positions or seniority of winners – voters are simply asked to consider who contributed most to the market in either or both 2020 specifically or across the span of a career.