Asset growth spurs Kiwibank tier-two return
Kiwibank has become the first New Zealand bank to test the waters for subordinated debt issuance since the Reserve Bank of New Zealand (RBNZ) revealed its new bank-capital requirements a year ago. The borrower says the impact of COVID-19 on its capital position and strong asset growth in 2020 propelled it to consider the transaction.
Ampol fills up capital position with new hybrid
Ampol became the latest Australian borrower to tap the hybrid debt market, on 30 November. The issuer says the transaction had been on the cards since late 2019 and that it drew strong support from an investor base that was largely familiar with issuance under its previous guise of Caltex Australia.
Book growth leads BEN to rare senior-unsecured foray
Asset growth and a conservative funding strategy led Bendigo and Adelaide Bank (BEN) to print the first senior-unsecured benchmark deal by an Australian bank since the COVID-19 pandemic began, the issuer tells KangaNews. The A$650 million (US$478.4 million) five-year transaction priced on 25 November and is a rarity in a market that has been denuded of senior bank issuance.
Records tumble in World Bank Kauri blockbuster
World Bank capped an active year in the Kauri market with a record-breaking deal on 26 November. The issuer pursued a dual-tranche strategy designed to bring in bids from multiple investor bases, while a recent backup in New Zealand dollar yield produced a further demand bump.
ASFI plots Australia’s path to zero emissions
The Australian Sustainable Finance Initiative roadmap, published on 24 November, puts forward a plan to align the Australian economy and financial system with outcomes that encourage sustainability, resilience and future prosperity. It sets ambitious targets, including some that stretch beyond federal government goals, and lays out a timeline for achieving them.