Arvida relaunches New Zealand corporate issuance after congested end to 2020
New Zealand domestic corporate issuance kicked off for 2021 with a debut from Arvida Group. Deal sources say COVID-19 and a crowded market in the second half of 2020 delayed a transaction that had been planned for last year, but that conditions remain receptive in the new year even for an unrated name like Arvida.
Securitisation issuance kicks off for 2021 with blockbuster Columbus deal
Columbus Capital reopened Australia’s public securitisation market for 2021 with a residential mortgage-backed securities (RMBS) deal that achieved record volume and pricing for the issuer. Deal sources say the transaction attracted vast interest in a credit market that has been starved of new supply.
Contact’s second SLL hints at electricity-sector ESG funding growth potential
Contact Energy says its second sustainability-linked loan (SLL) – a four-year, NZ$75 million (US$54.2 million) bilateral facility provided by MUFG Bank – reinforces the borrower’s commitment to sustainable debt financing. MUFG, meanwhile, suggests its first SLL in New Zealand also illustrates a growing opportunity in the electricity sector as a whole.
Read more: Contact’s second SLL hints at electricity-sector ESG funding growth potential
IFC Kangaroo indicative of quickening SOFR transition
International Finance Corporation (IFC)’s recent foray into the Kangaroo market was the issuer's first in any currency that it has swapped to US dollar secured overnight financing rate (SOFR) instead of LIBOR. Swap participants on the deal say it is a landmark transaction in the process of alternate reference rate (ARR) transition.
Strong demand remains for NZDM despite good-news headwinds
New Zealand Debt Management (NZDM)’s latest mid-curve syndication came shortly after a labour market data print that shocked the market on the up side, leading to a bond-market sell-off. Despite recovery-driven headwinds, NZDM says issuance conditions were relatively conducive and supported a good deal outcome.