BMO finds more domestic support for bail-in Kangaroo deal
Bank of Montreal (BMO) has returned to the Australian dollar market for the first time since Canada’s total loss-absorbing capacity (TLAC) regime came into effect. Deal sources say the success of the transaction reaffirms domestic support for Canadian bail-in deals.
IFC becomes latest SSA to benefit from favourable mid-curve conditions
Attractive pricing conditions driven by demand outstripping supply in the mid-curve was the main factor driving International Finance Corporation (IFC)’s relatively large Kangaroo print on 10 July, deal sources say. While high-grade Kangaroo issuance volume is flat in 2019, the mid-curve has experienced something of a renaissance.
Global FIs making hay on Australian dollar credit rally
Deals from Toronto-Dominion Bank (TD Bank) and BNP Paribas continued the recent run of global financial institution (FIs) issuance in Australian dollars. Lead managers say higher-yielding product from global borrowers is proving attractive to investors in a rallying but low-rates market, to the extent that BNP Paribas was even able to print a rare additional tier-one deal from a non-Australian issuer.
Australian sustainable-debt market striving for local application of EU taxonomy
The most active participants in Australia’s sustainable-finance market are considering how the EU taxonomy’s technical report may be locally applicable. It is early days for a local understanding and application of European principles, but harmonisation between jurisdictions appears to be a preferred outcome for many – including leveraging the EU’s work to reinforce local standards.
Read more: Australian sustainable-debt market striving for local application of EU taxonomy
New Zealand GSS market takes the next step with first repeat issuer
The nascent green, social and sustainability (GSS) bond space in New Zealand continued to advance on 3 July, when Auckland Council became the market’s first repeat GSS issuer. Deal sources cite greater acceptance of green as an asset class as further evidence of market maturity.
Read more: New Zealand GSS market takes the next step with first repeat issuer