AOFM’s presence alongside supportive investors boosts Firstmac RMBS return
The swift entry of the Australian Office of Financial Management (AOFM) into the securitisation market added confidence to Firstmac’s return to new issuance and facilitated an upsized transaction. The issuer says it also retained third-party investor engagement from before the COVID-19 related shutdown of new issuance in Australia, though only a smaller deal would have been possible without government support.
Read more: AOFM’s presence alongside supportive investors boosts Firstmac RMBS return
RBNZ to accept corporate bonds and ABS for bank liquidity
The Reserve Bank of New Zealand (RBNZ) has added a corporate and asset-backed securities (ABS) funding facility to the suite of operations it is implementing to improve domestic liquidity conditions amid COVID-19 related volatility.
RBA takes first step into semi-government market
The Reserve Bank of Australia (RBA) extended its purchasing programme into semi-government bonds on 25 March. Despite the RBA buying across the sector, however, most semi-government yields ended the day wider.
Two degrees of contagion
As the world scrambles to battle the COVID-19 pandemic, markets are tasked with sorting out how measures to fight the virus will affect economies and finding their best path forward. A panel of market participants from New Zealand, convened via teleconference, agree the country is in a better position than almost anywhere but acknowledge that the outsized influence of global markets on the local economy – and the scale of economic support programmes – make for a precarious future.
RBA off to a good start as it shows its purchasing power
The early signs for the Reserve Bank of Australia (RBA)’s asset purchasing have been positive, analysts say, and three-year government bond yield is already heading towards its target. The reserve bank has also begun buying further out along the curve. Attention is focused on longer-dated performance, along with potential semi-government bond purchases.