Kiwi issuer provides a spark for 10-year Australian dollar corporate supply
Spark Finance (Spark) returned to the Australian dollar market on 11 September with its first deal since its inaugural Kangaroo in October 2017. Deal sources say there is latent demand in Australian dollars resulting from an undersupply of corporate credit, while the lower-for-longer interest rate environment is pushing demand further out on the curve.
Wellbeing bonds to align with government objectives, says Housing NZ
Housing New Zealand (Housing NZ) tapped two of its existing lines on 11 September for an aggregate NZ$600 million (US$383 million). The transaction was the first under a rebranded framework which incorporates all the issuer’s outstanding lines as wellbeing bonds explicitly to signal alignment with the New Zealand government’s broader wellbeing objectives.
Read more: Wellbeing bonds to align with government objectives, says Housing NZ
Origin’s euro return a hit with investors for credit and ESG
Origin Energy (Origin) returned to the euro market for the first time since 2014, on 5 September, with a deal that highlighted European investors’ appetite for duration and for issuers with clearly articulated environmental, social and governance (ESG) strategies. Deal sources say the euros market remains highly globally competitive for corporate issuance.
Read more: Origin’s euro return a hit with investors for credit and ESG
Reverse enquiries drive CENEXP’s Australian dollar Reg S deal
Central Nippon Expressway Company (CENEXP)’s first public issuance of Australian dollar denominated bonds was issued off the back of reverse enquiries from investors, deal sources say. After initially announcing an Australian and US dollar mandate, CENEXP elected to print A$350 million (US$240.6 million) of five-year bonds on 11 September in the Reg S market.
TCorp steps into the mid-curve as its syndicated volume grows
New South Wales Treasury Corporation (TCorp) priced a A$1.75 billion (US$1.2 billion) transaction in the mid-curve on 5 September, which the issuer says is indicative of its intention to issue across the curve having printed A$2 billion of 2029 maturity notes in June and A$1.25 billion of 2031s in July.