Two corporate deals raise A$500 million with a third launching [UPDATED]
A brace of corporate deals – from AMP Capital Wholesale Office Fund (AWOF) (A-, with an issue rating of A) and Caterpillar Financial Australia (Caterpillar) (A/A2/A) – priced on November 23, achieving upsized volume of A$250 million (US$229.7 million) apiece. Meanwhile a third deal, from Volkswagen Financial Services Australia (VWFS) (A-/A3) launched with an increase from a minimum size of A$100 million also expected.
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Asset-backed competitiveness back on agenda as market improves
As deals continue to be brought to market the Australian asset-backed security (ABS) market is showing signs of renewed life and returning investor confidence. While participants say pricing is not yet tight enough for smaller mortgage providers to borrow at levels competitive with the unsecured funding of larger authorised deposit-taking institutions (ADI), there is shared optimism that something closer to parity can be attained and other names will enter the market in the coming months.
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