Asset performance supports Zip’s securitisation return
Zip Co printed the Australian market’s first asset-backed securities (ABS) transaction with personal finance receivables since the onset of COVID-19. Deal sources say a recent rating upgrade and the borrower’s asset performance through the crisis provided significant tailwinds heading into the deal.
Green label sharpens pricing as Argosy returns
Argosy Property says its third green-bond deal attracted tighter pricing than comparable issuers’ conventional bonds and a good spread of investor interest. The borrower says the green label is one reason for the positive demand outcome.
Australian nonbanks' song remains the same
Every year, KangaNews hosts Australia’s leading nonbank lenders at a sector roundtable discussion – supported since 2019 by Natixis. In keeping with the unique circumstances of 2020, this year’s roundtable was conducted via videoconference. While market conditions have changed dramatically in the past 12 months, the sector is able to tell the same story of solid funding foundations and sound credit quality.
The housing highway
Most analysts anticipated the Australian housing market would take a hammering from COVID-19. More than six months into the crisis, house prices have held up better than expected and experience suggests the sector will be among the leaders of a future economic recovery.
UOB Sydney’s tailored execution nets pricing record
United Overseas Bank Sydney Branch (UOB Sydney) says it took a bespoke approach to execution in its recent Australian dollar deal by capturing cornerstone bids and then opening the book for a wider trade. The approach resulted in a post-financial-crisis pricing record for any bank issuer including domestic names.