ASF hopeful treasury submission will open door to Aussie covered bonds
The Australian Securitisation Forum (ASF) believes a submission it has made to federal treasurer Wayne Swan could pave the way for Australian banks to issue covered bonds. Most significantly, the ASF argues that increased depositor protection in Australia is enough to counter the concerns of the Australian Prudential Regulation Authority (APRA) that covered bonds could subordinate retail depositors in the event of bank failure.Property deals net A$640 million while ASX adds domestic soundings [UPDATED]
Domestic medium-term note (MTN) transactions from three issuers in the property sector – Leighton Holdings (Leighton) (BBB/Baa1) subsidiary Leighton Finance, Dexus Property Group (Dexus) (BBB+) and Australian Prime Property Fund Retail (APPF Retail) (A) – raised a total of A$640 million (US$520.26 million) at pricings on July 20 and 21.
Property focus of corporate activity as APPF Retail launches 2012
The fledgling revival of the corporate bond market in Australia continues to focus on names from the property sector, with Lend Lease asset management subsidiary Australian Prime Property Fund Retail (APPF Retail) (A) launching a A$150 million (US$119.87 million) three-year maturity transaction on July 17 and at least two other property issuers understood to be circling.
Westpac NZ taps domestic guaranteed deal and looks to US
Westpac New Zealand (Westpac NZ) (AA/Aa2) increased the size of its 2014 government guaranteed domestic transaction by NZ$225 million (US$147.33 million) on July 21 – bringing volume to a total of NZ$575 million just eight days after first selling the bond, which is the bank's first under the domestic wholesale guarantee.