Pre-funding keeps TCorp's 2010/11 requirement down
Substantial pre-funding by New South Wales Treasury Corporation (TCorp) (AAA/Aaa) in the 2009/10 financial year – thanks to what the agency calls "a lower than forecast client net new funding requirement and favourable funding market opportunities" during the year – have helped keep its funding requirement for 2010/11 in line with that of 2009/10.NZ looks to covered bonds, while Nordic SSAs have success with USD
The Kiwis showed the Australian market how it's done this week, with the pricing of the first New Zealand bank covered bond prompting some bond-envy on the Australian side of the Tasman Sea. Meanwhile, KangaNews tracked a Korean agency looking to visit the Aussie market and talks with a brace of Nordic SSAs about how global investors are differentiating within their sector by strongly supporting their USD deals.Bank of New Zealand signs covered bond documentation
Bank of New Zealand (AA/Aa2) (BNZ) has signed programme documentation for New Zealand's inaugural covered bond. Moody's Investors Service and Fitch will release their rating reports on the debut issue tomorrow. Transaction details are under wraps until then, but the bonds will be issued in structured format as the Reserve Bank of New Zealand (RBNZ) has yet to finalise legislation for the product.
More detail on BNZ's NZ$3 billion covered bond programme
Moody's Investors Service and Fitch have assigned provisional long-term ratings of (P)Aaa/AAA to the mortgage covered bonds proposed to be issued by Bank of New Zealand (BNZ) under a NZ$3 billion covered bond programme. The cover pool will comprise NZ$521,777,333 of residential assets, with a weighted-average seasoning of 25 months and a remaining term of 275 months. The weighted-average loan to value ratio is 44.8 per cent.
Korean agency to roadshow to Aussie investors
Export-Import Bank of Korea (A/A2/A+) (Kexim) will be visiting Australian investors from June 7 to 10 on a non-deal roadshow via Deutsche Bank, RBS Group Australia and UBS Investment Bank. Kexim, which is owned by the government of Korea and provides export credit and guarantee programmes to Korean businesses, will be the second Korean financial institution to appear in the Australian market this year.