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NAB issues first unguaranteed transaction - largest in 2009 [UPDATED]

National Australia Bank (AA/Aa1/AA) (NAB) entered the market for bonds not covered by the Australian government guarantee for the first time on April 29 with the largest such transaction yet seen – a total of A$1.5 billion (US$1.07 billion) of fixed and floating rate three year bonds.

Downgrades up but not historic in Australia and New Zealand [UPDATED]

In its annual corporate default and ratings transitions study for the Australian and New Zealand market in 2008, Standard & Poor’s (S&P) says the downgrade to upgrade ratio increased significantly from the levels of recent years but had yet to reach its peak from the last Australian economic slowdown.

AOFM still anchoring RMBS market as it passes half its quota

Over A$1 billion (US$724 million) of residential mortgage backed securities (RMBS) has been priced by a brace of Australian issuers in the past week, but with the Australian Office of Financial Management (AOFM) continuing to be the cornerstone investor in all transactions market participants are starting to ask for the agency to extend its buying programme beyond its current A$8 billion commitment.

Members Equity, Firstmac and Resimac get next AOFM RMBS deals

Having completed its most recent round of residential mortgage-backed security (RMBS) investments, on April 17 the Australian Office of Financial Management (AOFM) announced the next three originators to which it will allocate funds as part of its A$8 billion (US$5.75 billion) injection into the Australian mortgage sector.

Rabobank to return to NZ hybrid market with PIE deal

Rabobank Nederland (Rabobank) is seeking indications of interest for a return to the New Zealand hybrid market, with the issuer planning to use the portfolio investment entity (PIE) structure to offer favourable tax treatment to retail investors. The PIE Capital Securities will be issued by a special purpose entity, Rabo Capital Securities, established in New Zealand as a subsidiary of Rabobank.

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