Challenger's decision not to call three RMBS causes consternation
The ongoing difficulty of refinancing residential mortgage backed securities (RMBS) in troubled capital markets has caused Challenger Securitisation Management (Challenger) not to exercise early call options on three of its outstanding deals – a decision which some investors believe has further set back the already dislocated asset-backed market.Macquarie Bank brings A$1.1bn five-year guaranteed bonds
On February 20 Macquarie Bank (Macquarie) (A-/A2) priced A$1.1 billion (US$702 million) of February 2014 bonds guaranteed by the Australian government. This is the first public domestic deal from the bank in this format, after a privately-placed A$500 million October 2013 trade issued in December last year.
TCorp going long with sterling and CIB issuance
New South Wales Treasury Corporation (AAA/Aaa) (TCorp) re-entered the foreign currency funding market on February 18, pricing £250 million (US$356.7 million) of 30-year fixed rate bonds. The issuer also filled a February 20 fixed date tender of a further A$100 million (US$64.2 million) of its 2025 maturity capital-indexed bonds.