Cleaning up in the USPP market
Cleanaway Waste Management priced the tightest deal from an unrated Australian industrial issuer in the USPP market since the financial crisis with its recent transaction, placement agents say. The issuer undertook the deal to term out bank debt it took on following an acquisition in 2018 and it says further expansion is on the horizon.
FI GSS bond issuance well received despite major-bank absence
Financial institution (FI) issuance has been a laggard even as Australian dollar green, social and sustainability (GSS) bond issuance volume has nearly doubled in 2019. However, following its second sustainability bond print, Bank Australia says engagement with the asset class continues to grow as sustainability and responsible banking issues hit home with investors and customers.
Going green top to bottom a “natural evolution” for flexigroup
Flexigroup says including green tranches all the way down the capital stack of its latest asset-backed securities (ABS) transaction was the best deployment of qualifying assets. The issuer says ‘dark-green’ investors remain thin on the ground in ABS transactions but it still benefited from its innovation in the green-bond space.
Building an investor base in NHFIC’s sights as it returns to market
National Housing Finance and Investment Corporation (NHFIC) targeted development of its investor base in it second bond transaction, which priced on 19 November. Issuance volume is limited by NHFIC’s clients’ need but the issuer says it has a pipeline to provide liquidity for investors.
Engagement and preparation set CommBank up for AONIA RMBS debut
Commonwealth Bank of Australia (CommBank) believes it achieved all the objectives it set for its issuance of the first residential mortgage-backed securities (RMBS) deal to use the Australian overnight index average (AONIA) reference rate. The bank wanted to respond to regulatory guidance from the Reserve Bank of Australia (RBA) with a broadly distributed benchmark transaction that also provided capital relief.