Firstmac finds its deepest-ever investor base in new deal
Firstmac’s latest residential mortgage-backed securities (RMBS) deal demonstrates the continued rebound of nonbank securitisation since the COVID-19 crisis, the issuer says, with deep investor engagement leading to strong demand. Firstmac’s immediate liquidity needs are now met, allowing it to focus on retaking prime-mortgage market share from the major banks.
DBS makes a habit of Australian dollar issuance
DBS Group Holdings made its Australian dollar market return on 8 July. The issuer has been a reliable source of Australian dollar supply in recent years and says its latest deal was predicated by a currency need at the parent bank and a view that funding markets may deteriorate in the short-to-medium term.
AOFM keeps ABSF on hold
The Australian Office of Financial Management (AOFM) revealed on 8 July that the pause on inviting investment proposals for its Australian Business Securitisation Fund (ABSF) will remain in place for the time being. It says the fund was designed “as primarily an exercise in market development” but the process of achieving this development is on hiatus and therefore the AOFM will not progress with further ABSF investments.
SEEK supplements liability-management objective with sub notes tap
SEEK says it is pleased with the outcome of a recent liability-management exercise, despite a tap to its 2026 subordinated bond coming up short of launch volume. The issuer says it is in a comfortable liquidity position even with a challenging operating environment and has been able to complete the redemption of its 2022 maturity bonds.
Australian corporate market poised and hopeful for a smoother second half
The Australian dollar corporate debt market finished the first half of 2020 with a flurry of deals and greatly improved sentiment. Corporate originators do not expect the floodgates of issuance to open in the second half but say conditions should be supportive for active issuers.
Read more: Australian corporate market poised and hopeful for a smoother second half