Australian rates sell off could be premature if RBA sticks to its guns
Australian strategists and traders believe the Reserve Bank of Australia is unlikely to change its monetary-policy plans in response to a more aggressive US Federal Reserve, despite rising yields over the last month. The divergent central-bank paths could lead to more volatile markets, however.
Early timing ensures Toyota Australia’s euro success
Toyota Finance Australia says executing at the very start of the year was a key aspect of its return to the euro market after an almost two-year hiatus, as it aimed to price before deal flow picks up in the weeks ahead. The issuer priced €1.15 billion (US$1.3 billion) of three- and six-year bonds on 5 January, a notably early start for Australian corporate issuance.
CBA’s jumbo print demonstrates undiminished domestic liquidity
Commonwealth Bank of Australia has set a wider new-year pricing benchmark in the Australian dollar market but was rewarded for its willingness to meet the market on price with a jumbo book and record final volume. The issuer says the print reflects a constructive tone in the local market and that regulatory change has not negatively affected Australian dollar demand.
NAB back on track with jumbo sterling and US dollar deals
National Australia Bank returned to the offshore term funding market at the start of the year after electing to stand back from more turbulent markets in Q4 2021. The bank says positive results in the sterling covered-bond and US dollar markets further demonstrates a constructive new-issuance environment.
Offshore banks, institutional investors flock to Jemena’s first UOP bonds
Jemena says the green element of its latest round of debt refinancing was key to investor interest, with the use-of-proceeds model attracting demand to the issuer’s recent private placement and syndicated loan deals. The late 2021 transactions represent the company’s first foray into green finance, a tool it expects to develop in future transactions.