WA touts economic boom as it maintains conservative pandemic settings
Speaking to dealers and investors in the wake of the 2021/22 Western Australia budget, the state’s premier and treasurer, Mark McGowan, reiterated his government’s commitment to a cautious path to reopening to the rest of Australia and internationally. Meanwhile, a cautious price forecast means Western Australia is confident the risks to budget outcomes are on the upside despite the recent precipitous fall in the value of iron ore.
Woolworths prints its first Australian dollar SLB
Woolworths’ debut Australian dollar sustainability-linked bond proved popular with investors—the deal was more than four-times oversubscribed at its peak—which deal sources say further illustrates the market’s appetite for the asset class.
Ausgrid eyes euros as a core currency market
Ausgrid Finance’s euro market return continues its ambition to term out bank debt since privatisation in 2016. Deal sources say the transaction, and Ausgrid’s intentions to be a regular issuer into the market, received significant investor interest.
KiwiRail’s shipping-based green loan navigates difficult transition waters
KiwiRail has completed the first-ever Climate Bonds Initiative certified shipping green loan, marking what deal participants say is an important development for a hard-to-abate industry for which the technology and fuel for decarbonisation does not yet exist.
Westpac swings back into rhythm with RMBS trade
Westpac Banking Corporation’s return to residential mortgage-backed securities issuance, a A$1.2 billion (US$876 million) funding-only deal, matched the tightest pricing for the asset class in Australia since the financial crisis despite a recent flurry of issuance. The bank says it is returning to a wholesale funding profile similar to its pre-crisis norms, with a consequent expectation of using diverse issuance options.