Lion roars: HSBC to be an RMBS regular
HSBC Bank Australia’s first residential mortgage-backed securities (RMBS) transaction since 2007 took advantage of the absence of local bank supply to tighten pricing and increase volume. The issuer says it plans to be a prominent issuer of capital-relief RMBS in future.
Bank funders and the future of the market gap
Every year, KangaNews and RBC Capital Markets host the heads of funding from Australia’s big-four banks to discuss market conditions and the outlook for their sector. In 2020, the COVID-19 crisis has reshaped the landscape completely – most notably by almost completely eliminating the majors’ funding gap and thus removing them from public senior debt markets since the first months of the year.
Flux capacity
New Zealand market participants gathered virtually on 20 August for the ANZ-KangaNews New Zealand Capital Markets Forum (NZCMF). New Zealand’s economy, politics and COVID-19 response are setting the market’s parameters, and discussion focused on managing through and beyond the current rocky patch.
On the – virtual – ground with Kāinga Ora
Kāinga Ora – Homes and Communities (Kāinga Ora) held its inaugural virtual investor day on 19 August to showcase its role as a world-class public-housing landlord and leader in delivering urban-development projects. The goal was to explain the agency’s role to debt investors beyond the normal tenets of its funding programme.
Rapid renaissance
Asian demand has been a consistent component of the Australian dollar credit market in recent years and – to the surprise of some – has emerged from the first phase of the COVID-19 crisis as a still-reliable bid. Yield and credit quality factors are crucial, as the relative stability Australian credit offers attracts consistent demand.