Securitisation progress but overall issuance still weak
Three recent asset-backed securities (ABS) transactions – two priced and a further launched – have highlighted progress in the sector, but market participants say demand for securitised assets is little different to the quiet vanilla market. Bendigo and Adelaide Bank (BEN) doubled the size of its July 8 residential mortgage-backed securities (RMBS) deal while two other borrowers are re-opening the door to foreign currency issuance from Australian names.
ANZ, NAB and Westpac beef up syndicate and DCM teams
National Australia Bank (NAB) and Westpac Institutional Bank (Westpac) have expanded their global syndicate teams with a new hire in London for NAB and New York for Westpac. Meanwhile, ANZ New Zealand will also have a syndicate banker for the first time, starting in August, and the DCM function at ANZ in Sydney has been bolstered with a new head of bond origination. ANZ also has a new global head of loan syndications, based in Hong Kong.Deal flow trickles in Australia as demand remains soft
The tentative deal flow which commenced the week before continued in Australia in the five days to July 2, but sources on all side of the market say demand continues to be patchy and lacking in robustness. While there are hopes that the end of the financial year on June 30 played a significant role in suppressing appetite, investors are not reporting a strong desire for credit at this stage.
Westpac tops Australian first half league table, ANZ leads in New Zealand
The A$800 million (US$672.24 million) self-led deal priced on June 28 propelled Westpac Institutional Bank (Westpac) to the top of KangaNews's first half lead-manager league tables for all Australian dollar vanilla bond issuance. Westpac led A$9.49 billion of bond transactions in the first six months of the year; when self-led deals are excluded, ANZ's A$6.9 billion takes top spot.