Positive response but challenges ahead for new retail rating agency [UPDATED]
Retail market users have responded positively to the launch of a new ratings agency, Australia Ratings, which is the first to secure a licence to offer its credit ratings to retail investors. But the start-up firm faces both short- and long-term challenges in establishing a franchise, even though none of the existing agencies have elected to seek retail licences in Australia.
Tascorp looking for A$500 million in bookbuilt 2014
Tasmanian Public Finance Corporation (Tascorp) (AA+/Aaa) has launched a June 2014 deal with a targeted size of A$500 million (US$440.8 million). This transaction is the issuer's first since Tascorp released its significantly increased budget for the 2010/11 financial year, and it is the second deal the issuer has brought to the market via bookbuild process.
KfW to launch 2019 Kangaroo increase
TD Securities and UBS Investment Bank have been mandated to launch an increase to KfW Bankengruppe (KfW)'s 5.25 per cent December 2019 Kangaroo bond. The increase will be for a minimum of A$250 million (US$220 million), taking the total issue size to A$1.9 billion minimum. Pricing is expected to occur on Thursday July 15.APA to debut in domestic market with A$200 million minimum
Natural gas infrastructure provider APA Group (APA) (BBB/Baa2) launched its first domestic bond issue on July 14, announcing that it will place a minimum of A$200 million (US$176.7 million) of 10-year notes at an indicative margin of 240 basis points over semi-quarterly swap. The deal's issuer will be APA's common funding vehicle, APT Pipelines.
Securitisation flow continues with Capital Finance ABS
Australian securitisation activity is continuing, with Capital Finance Australia launching an expected A$598 million (US$524.1 million) equivalent auto asset-backed securities (ABS) deal across six tranches. Bella Trust Series 2010-1 is the issuer's second visit to the asset-backed markets, having debuted in November last year with a A$866.7 million auto transaction.