NAB sticks with 10NC5 tenor for domestic tier-two return
National Australia Bank (NAB) returned to the Australian dollar market on 10 November, printing a new tier-two transaction in the week after the release of its annual results. The issuer says it remains open to longer duration in Australian dollar tier-two format despite selecting 10-year non-call five (10NC5) tenor this time.
World Bank makes up for lost time with record-breaking Kangaroo
World Bank’s latest Kangaroo deal made up for the borrower’s long absence from the Australian dollar market, setting a transaction volume record for Kangaroo supranational, sovereign and agency (SSA) borrowers. The issuer says the deal was made possible by a favourable readjustment in spread and the cross-currency basis.
BC Invest’s Ruby RMBS debut expands nonresident asset class
BC Invest became the second Australian nonbank issuer of residential mortgage-backed securities (RMBS) backed primarily by nonresident loans with its 10 November deal. The borrower says a successful deal outcome was built on extensive investor engagement.
Westpac rides post-election and vaccine hopes to blockbuster deal
Westpac Banking Corporation returned to the US dollar market for its latest tier-two transaction and scored a blockbuster book in a dual-tranche deal. The Australian major-bank supply dynamic, a reasonably clean US election result and renewed hopes for an imminent COVID-19 vaccine buoyed the transaction, the issuer says.
More lending support but negative OCR prospects recede in New Zealand
The Reserve Bank of New Zealand (RBNZ) announced in its November monetary policy statement (MPS) that it will introduce a funding for lending programme (FLP) that could total NZ$28 billion (US$19.3 billion). At the same time, the reserve bank notes that an improved economic outlook also makes a negative cash rate less likely in 2021.