NZSFF roadmap emphasises transformation, simplicity and urgency
The New Zealand Sustainable Finance Forum (NZSFF)’s final roadmap plots a route for reform which its authors say is necessary for the financial system to be fit for purpose in a sustainable future. The roadmap’s focus is long term and transformative in nature, but it proffers immediate, actionable measures appropriate for the urgency of the task.
Eye of the storm
When Australia went into lockdown, transport and shipping infrastructure saw an unprecedented business shock. Airport and toll-road passenger numbers collapsed while even freight flows dropped as the global economy ground to a halt. In October, KangaNews and Westpac Institutional Bank gathered key players in the Australian sector to discuss business impact, balance-sheet resilience and the swift rebound of debt capital markets including the domestic option.
RBA expands bond-purchase programme but casts an upbeat tone
As widely expected, the Reserve Bank of Australia (RBA) used its 3 November statement on monetary policy to unveil a clutch of new measures designed to support Australia’s economic recovery, including a cash-rate ‘micro cut’ and A$100 billion (US$70.5 billion) of additional government-sector bond purchases. At the same time, the statement delivered a relatively positive view on the economic trajectory.
Rocky road ahead
The 2020 iteration of the KangaNews-Moody’s Investors Service Corporate Borrower’s Intentions Survey highlights the response of corporate Australia and New Zealand to COVID-19. The results show treasury teams are anticipating a rocky path out of the crisis and a heightened domestic focus to their funding plans.
Allied Credit holds its line for debut deal
Following its debut in the public securitisation market, Allied Credit says its unique loan-origination structure has facilitated strong growth but justified a more measured approach to public issuance than the accelerated path beaten by some other new asset-backed securities (ABS) issuers.