Gradual deal flow likely as NZ securitisation gets back on the agenda
Signs of life appear to be emerging in the New Zealand securitisation arena, with one issuer recently having established a programme and at least one other understood to be sizing up a deal. But market participants are tempering expectations by stating that this year's deal flow is likely to be limited as investors continue to be wary of non-bank names, with more activity anticipated to come through in 2011.KfW upsizes new 2020 Kangaroo to A$750 million
Following a clutch of shorter-tenor transactions, KfW Bankengruppe (KfW) (AAA/Aaa/AAA) returned the focus of the Kangaroo market to the long end on August 11 with the pricing of a new 10-year line. The last four Kangaroo deals, stretching back to late July, have been of three- or five-year duration while the last longer-dated offering was European Investment Bank (EIB)'s (AAA/Aaa/AAA) A$1 billion (US$915.4 million) 10-year on July 22.Confidence and issuance hand in hand as Australasian markets pick up
With European bank stress tests and a broadly well-received update from the Basel Committee on Banking Supervision in the rearview mirror, Australian and New Zealand issuers are finding a more receptive audience for their bonds. While deal flow is picking up gradually, a spate of roadshows and intermediary reports of plentiful mandates suggest deal flow is right back on the agenda.